UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934

 For the month of April, 2022
 
 Commission File Number: 001-31522

			
Eldorado Gold Corporation	
(Translation of registrant’s name into English)	

			
1188-550 Burrard Street, Bentall 5
Vancouver, B.C. Canada V6C 2B5	
(Address of principal executive offices)	
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

															
Form 20-F	¨		Form 40-F	þ	
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Note:  Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨            
 
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

EXHIBIT INDEX

Exhibits

99.1	Unaudited Condensed Consolidated Interim Financial Statements for the Three Months Ended March 31, 2022 and 2021	
99.2	Management's Discussion and Analysis for the Three Months Ended March 31, 2022	
99.3	CEO Certification	
99.4	CFO Certification	

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						
 	ELDORADO GOLD CORPORATION	
	(Registrant)	

						
Date:  April 28, 2022	/s/ Karen Aram                                          
Karen Aram
Corporate Secretary	

Exhibit 99.1

                                     
Condensed Consolidated Interim Financial Statements
March 31, 2022 and 2021
(Unaudited)
(Expressed in thousands of U.S. dollars)

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Financial Position    
As at March 31, 2022 and December 31, 2021
(Unaudited – in thousands of U.S. dollars)
																		
As at	Note		March 31, 2022		December 31, 2021	
						
ASSETS						
Current assets						
Cash and cash equivalents			$	374,677 			$	481,327 		
Term deposits			60,000 			— 		

Accounts receivable and other	5		61,031 			68,745 		
Inventories	6		185,707 			178,163 		

			681,415 			728,235 		
Restricted cash			2,201 			2,674 		
Other assets			109,255 			104,023 		
	
Property, plant and equipment			3,625,931 			4,003,211 		
Goodwill			92,591 			92,591 		
			$	4,511,393 			$	4,930,734 		
LIABILITIES & EQUITY						
Current liabilities						
Accounts payable and accrued liabilities			$	178,017 			$	195,334 		
Current portion of lease liabilities			5,973 			7,228 		
	
Current portion of asset retirement obligations			4,088 			4,088 		

			188,078 			206,650 		
Debt	7		482,770 			489,763 		
Lease liabilities			14,151 			14,895 		
Employee benefit plan obligations			9,011 			8,942 		
Asset retirement obligations			131,615 			131,367 		
Deferred income tax liabilities			428,907 			439,195 		
			1,254,532 			1,290,812 		
Equity						
Share capital	11		3,240,665 			3,225,326 		
Treasury stock			(20,454)			(10,289)		
Contributed surplus			2,610,136 			2,615,459 		
Accumulated other comprehensive loss			(19,773)			(20,905)		
Deficit			(2,556,048)			(2,239,226)		
Total equity attributable to shareholders of the Company			3,254,526 			3,570,365 		
Attributable to non-controlling interests			2,335 			69,557 		
			3,256,861 			3,639,922 		
			$	4,511,393 			$	4,930,734 		

Approved on behalf of the Board of Directors
(signed) John Webster    Director         (signed) George Burns    Director
    
Date of approval: April 28, 2022
The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Operations        
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars except share and per share amounts)            
																		
	Note		Three months ended March 31, 2022		Three months ended March 31, 2021	
						
Revenue						
  Metal sales	8		$	194,672 			$	224,619 		
						
Cost of sales						
  Production costs			104,556 			108,560 		
  Depreciation and amortization			50,635 			52,486 		
			155,191 			161,046 		
						
Earnings from mine operations			39,481 			63,573 		
						
Exploration and evaluation expenses			5,861 			4,008 		
Mine standby costs	9		11,708 			1,611 		
General and administrative expenses			8,291 			10,140 		
Employee benefit plan expense			1,841 			749 		
Share-based payments expense	12		3,650 			1,781 		
Impairment of property, plant, and equipment	4		365,426 			— 		
Write-down (recovery) of assets			24,141 			(750)		
Foreign exchange gain			(2,720)			(6,080)		
(Loss) earnings from operations			(378,717)			52,114 		
						
Other income	10		1,743 			1,299 		
Finance costs	10		(2,166)			(10,335)		
(Loss) earnings from continuing operations before income tax			(379,140)			43,078 		
Income tax expense			5,074 			26,838 		
Net (loss) earnings from continuing operations			(384,214)			16,240 		
Net loss from discontinued operations, net of tax			— 			(2,394)		
Net (loss) earnings for the period			$	(384,214)			$	13,846 		
						
Attributable to:						
Shareholders of the Company			(316,822)			11,941 		
Non-controlling interests			(67,392)			1,905 		
Net (loss) earnings for the period			$	(384,214)			$	13,846 		
						
(Loss) earnings attributable to shareholders of the Company:						
Continuing operations			(316,822)			14,335 		
Discontinued operations			— 			(2,394)		
			$	(316,822)			$	11,941 		
Weighted average number of shares outstanding (thousands)						
Basic			182,362 			174,534 		
Diluted			182,362 			177,234 		
						
Net (loss) earnings per share attributable to shareholders of the Company:						
Basic (loss) earnings per share			$	(1.74)			$	0.07 		
Diluted (loss) earnings per share			$	(1.74)			$	0.07 		
						
Net (loss) earnings per share attributable to shareholders of the Company - Continuing operations						
Basic (loss) earnings per share			$	(1.74)			$	0.08 		
Diluted (loss) earnings per share			$	(1.74)			$	0.08 		

	
The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars)                        
																		
			Three months ended March 31, 2022		Three months ended March 31, 2021	

Net (loss) earnings for the period			$	(384,214)			$	13,846 		
Other comprehensive (loss) income:						
Items that will not be reclassified to earnings or loss:						
Change in fair value of investments in marketable securities, net of tax			2,049 			(125)		
Actuarial losses on employee benefit plans, net of tax			(917)			(34)		
	
Total other comprehensive earnings (loss) for the period			1,132 			(159)		
Total comprehensive (loss) income for the period			$	(383,082)			$	13,687 		
						
Attributable to:						
Shareholders of the Company			(315,690)			11,782 		
Non-controlling interests			(67,392)			1,905 		
			$	(383,082)			$	13,687 		

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Cash Flows            
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars)
																		
	Note		Three months ended March 31, 2022		Three months ended March 31, 2021	
						
Cash flows generated from (used in):						
Operating activities						
Net (loss) earnings for the period from continuing operations			$	(384,214)			$	16,240 		
Adjustments for:						
Depreciation and amortization			51,226 			53,063 		
Finance costs			2,166 			10,338 		
Interest income			(475)			(302)		
Unrealized foreign exchange gain			(484)			(2,364)		
Income tax expense			5,074 			26,838 		
(Gain) loss on disposal of assets			(582)			324 		
	
Impairment of property, plant, and equipment			365,426 			— 		
Write-down (recovery) of assets			24,141 			(750)		
Share-based payments expense	12		3,650 			1,781 		
Employee benefit plan expense			1,841 			749 		
			67,769 			105,917 		
Property reclamation payments			(312)			(335)		
Employee benefit plan payments			(2,250)			(232)		
Income taxes paid			(15,939)			(24,496)		
Interest received			475 			302 		
Changes in non-cash working capital	13		(14,499)			17,970 		
Net cash generated from operating activities of continuing operations			35,244 			99,126 		
Net cash used in operating activities of discontinued operations			— 			(6,051)		
						
Investing activities						
Purchase of property, plant and equipment			(51,996)			(63,991)		
Proceeds from the sale of property, plant and equipment			1,076 			792 		
Value added taxes related to mineral property expenditures, net			(11,133)			(2,568)		

	
	
(Increase) decrease in term deposits			(60,000)			56,130 		
Increase in restricted cash			— 			(73)		
Net cash used in investing activities of continuing operations			(122,053)			(9,710)		
Net cash used in investing activities of discontinued operations			— 			(507)		
						
Financing activities						
Issuance of common shares, net of issuance costs			13,118 			11,834 		
Contributions from non-controlling interests			170 			324 		
	
Repayments of borrowings			— 			(11,100)		
Interest paid			(16,888)			(2,205)		
Principal portion of lease liabilities			(2,272)			(2,758)		
Purchase of treasury stock			(13,969)			— 		
Net cash used in financing activities of continuing operations			(19,841)			(3,905)		
Net cash used in financing activities of discontinued operations			— 			(12)		
						
Net (decrease) increase in cash and cash equivalents			(106,650)			78,941 		
Cash and cash equivalents - beginning of period			481,327 			451,962 		
	
Cash and cash equivalents - end of period			$	374,677 			$	530,903 		

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Eldorado Gold Corporation
Condensed Consolidated Interim Statements of Changes in Equity        
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars)
																		
	Note		Three months ended March 31, 2022		Three months ended March 31, 2021	
						
Share capital						
Balance beginning of period			$	3,225,326 			$	3,144,644 		
Shares issued upon exercise of share options			3,872 			717 		
Shares issued upon exercise of performance share units			2,256 			— 		
Transfer of contributed surplus on exercise of options			1,563 			285 		
Shares issued to the public, net of share issuance costs			7,648 			11,471 		

Balance end of period	11		$	3,240,665 			$	3,157,117 		
						
Treasury stock						
Balance beginning of period			$	(10,289)			$	(11,452)		
Purchase of treasury stock			(13,969)			— 		
Shares redeemed upon exercise of restricted share units			3,804 			573 		
Balance end of period			$	(20,454)			$	(10,879)		
						
Contributed surplus						
Balance beginning of period			$	2,615,459 			$	2,638,008 		
Share-based payments arrangements			2,300 			1,917 		
Shares redeemed upon exercise of restricted share units			(3,804)			(573)		
Shares redeemed upon exercise of performance share units			(2,256)			— 		
  Transfer to share capital on exercise of options			(1,563)			(285)		
Balance end of period			$	2,610,136 			$	2,639,067 		
						
Accumulated other comprehensive loss						
Balance beginning of period			$	(20,905)			$	(21,822)		
Other comprehensive earnings (loss) for the period attributable to shareholders of the Company			1,132 			(159)		
Balance end of period			$	(19,773)			$	(21,981)		
						
Deficit						
Balance beginning of period			$	(2,239,226)			$	(2,103,206)		
	
Net (loss) earnings attributable to shareholders of the Company			(316,822)			11,941 		
Balance end of period			$	(2,556,048)			$	(2,091,265)		
Total equity attributable to shareholders of the Company			$	3,254,526 			$	3,672,059 		
						
Non-controlling interests						
Balance beginning of period			$	69,557 			$	40,873 		
(Loss) earnings attributable to non-controlling interests			(67,392)			1,905 		
Contributions from non-controlling interests			170 			324 		
Balance end of period			$	2,335 			$	43,102 		
Total equity			$	3,256,861 			$	3,715,161 		
The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
1. General Information
Eldorado Gold Corporation (individually or collectively with its subsidiaries, as applicable, “Eldorado” or the “Company”) is a gold and base metals mining, development, and exploration company. The Company has mining operations, ongoing development projects and exploration in Turkey, Canada, Greece, and Romania.
Eldorado is a public company listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) and is incorporated under the Canada Business Corporations Act.
The Company’s head office, principal address and records are located at 550 Burrard Street, Suite 1188, Vancouver, British Columbia, Canada, V6C 2B5.

2. Basis of preparation
(a) Statement of compliance
These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 ‘Interim Financial Reporting’. They do not include all of the information and footnotes required by International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board for full annual financial statements and should be read in conjunction with the Company’s annual audited consolidated financial statements as at and for the year ended December 31, 2021.
Except as described in Note 3, the same accounting policies were used in the preparation of these unaudited condensed consolidated interim financial statements as for the most recent audited annual consolidated financial statements and reflect all the adjustments necessary for fair presentation in accordance with IFRS for the interim periods presented.
These unaudited condensed consolidated interim financial statements were authorized for issue by the Company’s Board of Directors on April 28, 2022.
(b) Critical accounting estimates and judgements
The preparation of these unaudited condensed consolidated interim financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
Significant judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty are the same as those that applied to the annual audited consolidated financial statements as at and for the year ended December 31, 2021.

3. Significant accounting policies
Adoption of new accounting standards
A number of new standards and amendments to standards are effective for annual periods beginning on or after January 1, 2022 and earlier application is permitted; however, the Company has not early adopted and continues to evaluate the impact of the forthcoming or amended standards in preparing these condensed consolidated interim financial statements.

(1)

Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
4. Impairment of Certej project
The Company recorded an impairment of the Certej project, a non-core gold asset in the Romania segment of $365,426 ($345,386 net of deferred tax) at March 31, 2022. The impairment was recorded as a result of a plan to consider selling Certej and recognizes mineral properties and capitalized evaluation at their estimated fair value. The non-recurring fair value measurement of $52,000 has been categorized as a Level 3 fair value based on the expected consideration of a sale, less estimated costs of disposal.

5. Accounts receivable and other

	March 31, 2022		December 31, 2021	
				
Trade receivables	$	30,719 			$	23,020 		
Value added tax and other taxes recoverable	9,673 			17,782 		
Other receivables and advances	7,181 			9,946 		
Prepaid expenses and deposits	13,263 			17,834 		
Investment in marketable securities	195 			163 		
	$	61,031 			$	68,745 		

6. Inventories

	March 31, 2022		December 31, 2021	
				
Ore stockpiles	$	9,369 			$	10,097 		
In-process inventory and finished goods	62,722 			63,513 		
Materials and supplies	113,616 			104,553 		
	$	185,707 			$	178,163 		

Charges of $388 and $992 were recognized in production costs and depreciation, respectively, in the three months ended March 31, 2022 to reduce the cost of gold concentrate inventory at Olympias to net realizable value (three months ended March 31, 2021 – $570 and $51 recognized in production costs and depreciation relating to zinc concentrate inventory at Stratoni).

(2)

Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
7. Debt

	March 31, 2022		December 31, 2021	
Senior notes due 2029, net of unamortized transaction fees of $6,611 (2021 - $6,783) and initial redemption option of $4,533	$	497,922 			$	497,868 		
	
Redemption option derivative asset	(15,152)			(8,105)		
	$	482,770 			$	489,763 		

Senior Notes due 2029
On August 26, 2021, the Company completed an offering of $500 million senior unsecured notes with a coupon rate of 6.25% due September 1, 2029 (the “senior notes”). The senior notes pay interest semi-annually on March 1 and September 1, which began on March 1, 2022.
The senior notes are guaranteed by Eldorado Gold (Netherlands) B.V., SG Resources B.V., Tüprag Metal Madencilik Sanayi ve Ticaret AS, and Eldorado Gold (Quebec) Inc., all wholly-owned subsidiaries of the Company.
The senior notes contain certain redemption features that constitute an embedded derivative asset, which is recognized separately at fair value and is classified as fair value through profit and loss. The increase in fair value for the three months ended March 31, 2022 is $7,047, which is recognized in finance costs.
The senior notes contain covenants that restrict, among other things, distributions in certain circumstances and sales of certain material assets, in each case, subject to certain conditions. The Company is in compliance with these covenants at March 31, 2022.
The fair market value of the senior notes as at March 31, 2022 is $504,310.

(3)

Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
8. Revenue
For the three months ended March 31, 2022, revenue from contracts with customers by product and segment was as follows:

	Turkey	Canada	Greece	Total	
					
Gold revenue - doré	$	55,868 		$	64,597 		$	— 		$	120,465 		
Gold revenue - concentrate	39,788 		— 		13,736 		53,524 		
Silver revenue - doré	744 		342 		— 		1,086 		
Silver revenue - concentrate	916 		— 		4,703 		5,619 		
Lead concentrate	— 		— 		3,737 		3,737 		
Zinc concentrate	— 		— 		8,308 		8,308 		
Revenue from contracts with customers	$	97,316 		$	64,939 		$	30,484 		$	192,739 		
Gain on revaluation of derivatives in trade receivables - gold	625 		— 		1,188 		1,813 		
Gain on revaluation of derivatives in trade receivables - other metals	— 		— 		120 		120 		
	$	97,941 		$	64,939 		$	31,792 		$	194,672 		

For the three months ended March 31, 2021, revenue from contracts with customers by product and segment was as follows:

	Turkey	Canada	Greece	Total	
					
Gold revenue - doré	$	84,952 		$	51,582 		$	— 		$	136,534 		
Gold revenue - concentrate	40,631 		— 		21,455 		62,086 		
Silver revenue - doré	758 		376 		— 		1,134 		
Silver revenue - concentrate	1,133 		— 		9,880 		11,013 		
Lead concentrate	— 		— 		9,252 		9,252 		
Zinc concentrate	— 		— 		8,375 		8,375 		
	
Revenue from contracts with customers	$	127,474 		$	51,958 		$	48,962 		$	228,394 		
Loss on revaluation of derivatives in trade receivables - gold	(1,916)		— 		(1,030)		(2,946)		
Loss on revaluation of derivatives in trade receivables - other metals	— 		— 		(829)		(829)		
	$	125,558 		$	51,958 		$	47,103 		$	224,619 		

9. Mine standby costs

	Three months ended March 31, 2022		Three months ended March 31, 2021	
				
Stratoni	$	9,449 			$	— 		

Skouries	1,539 			1,278 		
Other mine standby costs	720 			333 		
	$	11,708 			$	1,611 		

(4)

Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
10. Other income and finance costs

(a) Other income	Three months ended March 31, 2022		Three months ended March 31, 2021	
				
Gain (loss) on disposal of assets	$	582 			$	(324)		
	
Interest and other income	1,161 			1,623 		
	
	$	1,743 			$	1,299 		

												
(b) Finance costs	Three months ended March 31, 2022		Three months ended March 31, 2021	
				
Interest cost on senior notes due 2029	$	7,726 			$	— 		
Interest cost on senior secured notes due 2024	— 			6,195 		
Interest cost on term loan	— 			960 		
Other interest and financing costs	927 			2,155 		
(Gain) loss on redemption option derivative (Note 7)	(7,047)			675 		
Asset retirement obligation accretion	560 			350 		

	$	2,166 			$	10,335 		

11. Share capital and (loss) earnings per share
(a) Share capital

	2022		2021	
Voting common shares	Number of Shares		Total		Number of Shares		Total	
								
Balance at January 1,	182,673,118 			$	3,225,326 			174,931,381 			$	3,144,644 		
Shares issued upon exercise of share options	758,778 			3,872 			142,046 			717 		
Shares issued on redemption of performance share units	528,166 			2,256 			— 			— 		
Estimated fair value of share options exercised transferred from contributed surplus	— 			1,563 			— 			285 		

Flow-through and other shares issued, net of issuance costs and premium	831,466 			7,648 			1,100,000 			11,471 		
Balance at March 31,	184,791,528 			$	3,240,665 			176,173,427 			$	3,157,117 		

On March 14, 2022, the Company completed a private placement of 442,700 common shares at a price of CDN $18.07 per share for proceeds of CDN $8,000 ($6,378), which will be used to fund continued exploration. On the same date, the Company also completed a private placement of 251,800 common shares at a price of CDN $15.88 per share for proceeds of CDN $4,000 ($3,189), which will be used to fund the Triangle deposit ramp development. The shares will qualify as flow-through shares for Canadian tax purposes and were issued at a premium of CDN $4.19 and CDN $2.00 per share respectively to the closing market price of the Company’s common shares at the date of issue. The premium of $1,880 was recognized in accounts payable and accrued liabilities and will be recognized in other income once required expenditures are incurred and related tax benefits are renounced.

(5)

Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
11. Share capital and (loss) earnings per share (continued)
In March 2022, the warrantholders of Eldorado Gold (Quebec) Inc. (formerly QMX Gold Corporation) exercised 1,250,000 warrants that were issued and outstanding prior to the closing of the arrangement between the Company and QMX Gold Corporation on April 7, 2021, which resulted in the Company issuing 19,037 common shares in April 2022 in relation to this exercise. The remaining 500,000 warrants outstanding of Eldorado Gold (Quebec) Inc. expired during the quarter.
(b) Earnings per share
The weighted average number of common shares for the purposes of diluted (loss) earnings per share reconciles to the weighted average number of common shares used in the calculation of basic (loss) earnings per share as follows:

	Three months ended March 31, 2022		Three months ended March 31, 2021	

Weighted average number of common shares used in the calculation of basic (loss) earnings per share	182,361,647 			174,533,634 		
Dilutive impact of share options	908,069 			1,359,660 		
Dilutive impact of restricted share units and restricted share units with performance criteria	526,844 			437,309 		
Dilutive impact of performance share units	167,121 			903,333 		
	
Weighted average number of common shares used in the calculation of diluted (loss) earnings per share	183,963,681 			177,233,936 		

As the three months ended March 31, 2022 was in a net loss position, the effect of all share instruments were anti-dilutive.

12. Share-based payment arrangements
Share-based payments expense consists of:

	Three months ended March 31, 2022		Three months ended March 31, 2021	
				
Share options	$	1,040 			$	753 		
Restricted shares with no performance criteria	420 			235 		
Restricted shares with performance criteria	499 			645 		
Performance shares	341 			284 		
Deferred units	1,350 			(136)		
	$	3,650 			$	1,781 		

(6)

Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
13. Supplementary cash flow information

	Three months ended March 31, 2022		Three months ended March 31, 2021	
Changes in non-cash working capital:				
Accounts receivable and other	$	16,936 			$	15,906 		
Inventories	(10,744)			1,733 		
Accounts payable and accrued liabilities	(20,691)			331 		
	$	(14,499)			$	17,970 		

14. Commitments and Contractual Obligations
Significant changes to the Company’s commitments and contractual obligations as at March 31, 2022, include:

	Within 1 year	2 years	3 years	4 years	5 years	Over 5 years	Total	
								
Purchase obligations and other commitments	$	35,711 		$	1,612 		$	— 		$	— 		$	— 		$	— 		$	37,323 		
	$	35,711 		$	1,612 		$	— 		$	— 		$	— 		$	— 		$	37,323 		

Purchase obligations relate primarily to operating costs at all mines and capital projects at Kişladağ.

(7)

Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
15. Financial instruments by category
Fair values are determined directly by reference to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed from relevant markets.
The three levels of the fair value hierarchy are described below:
•Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
•Level 2 – Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs (i.e., quoted prices for similar assets or liabilities).
•Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
Assets measured at fair value as at March 31, 2022 include marketable securities of $56,190 (December 31, 2021 – $53,352), comprised of publicly-traded equity investments classified as fair value through other comprehensive income, and investments in debt securities of $6,134 (December 31, 2021 – $6,660), comprised of publicly-traded debt securities classified as fair value through other comprehensive income. At March 31, 2022, assets measured at fair value also include settlement receivables of $23,782 (December 31, 2021 – $28,523) arising from provisional pricing in contracts for the sale of metals in concentrate classified as fair value through profit and loss and a derivative asset of $15,152 (December 31, 2021 – $8,105), related to the redemption options associated with the senior secured notes classified as fair value through profit and loss, and term deposits of $60,000 (December 31, 2021 – $nil), comprised of a Turkish Lira deposit protected against the weakening of the Turkish Lira against the U.S. dollar and measured at fair value through profit and loss. Changes in the fair value of settlement receivables are recorded in revenue, changes in the fair value of the redemption option derivative asset are recorded in finance costs and there were no changes in the fair value of the term deposits in the three months ended March 31, 2022. Valuation of the contingent consideration on the May 2020 acquisition of interest in Hellas Gold is measured at fair value, with any changes in fair value recorded in profit or loss. No other liabilities are measured at fair value on a recurring basis as at March 31, 2022.
The fair value of financial instruments traded in active markets is based on quoted market prices at the date of the statement of financial position. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the group is the current bid price. The Company’s marketable securities and investments in debt securities are included in Level 1. Instruments included in Level 2 comprise settlement receivables, the redemption option derivative asset, term deposit and the fair market value of the Company’s senior secured notes (Note 7). The fair value of settlement receivables is determined based on forward metal prices for the quotational period; the fair value of the Company’s redemption option derivative asset is based on models using observable interest rate inputs; the fair value of term deposits is based on an observable foreign exchange rate; and the fair value of the Company’s senior notes is based on observable prices in inactive markets. The fair value measurement of contingent consideration related to the acquisition of the minority interest in Hellas Gold is categorized as a Level 3 fair value. For all other financial instruments, carrying amounts approximate fair value.

(8)

Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
16. Financial risk management
Eldorado’s activities expose it to a variety of financial risks. Significant changes to the Company’s financial risks arising from financial instruments and overall risk management program as at March 31, 2022 are outlined below.
Credit risk
The Company manages credit risk by entering into business arrangements with high credit-quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of counterparties. The Company also monitors the credit ratings of all financial institutions in which it holds cash and investments. At March 31, 2022, term deposits of $60,000 are held in a Turkish banking institution with lower credit ratings as compared to other financial institutions at which the Company holds cash and investments. This, combined with recent downgrades in Turkey’s sovereign credit rating, expose the Company to greater credit risk.

17. Segment information
Identification of reportable segments
The Company has identified its operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management (the chief operating decision makers or “CODM”) in assessing performance and in determining the allocation of resources.
The CODM consider the business from both a geographic and product perspective and assess the performance of the operating segments based on measures of profit and loss as well as assets and liabilities. These measures include earnings from mine operations, expenditures on exploration, property, plant and equipment and non-current assets, as well as total debt. As at March 31, 2022, Eldorado had five reportable segments based on the geographical location of mining and exploration and development activities.
Geographical segments
Geographically, the operating segments are identified by country and by operating mine. The Turkey reporting segment includes the Kişladağ and the Efemçukuru mines and exploration activities in Turkey. The Canada reporting segment includes the Lamaque operations and exploration activities in Canada. The Greece reporting segment includes the Olympias mine, the Skouries, Perama Hill and Sapes projects and exploration activities in Greece. The Greece segment also includes the Stratoni mine which is transferring to care and maintenance during 2022. The Romania reporting segment includes the Certej project and exploration activities in Romania. Other reporting segment includes operations of Eldorado’s corporate offices.
Financial information about each of these operating segments is reported to the CODM on a monthly basis. The mines in the Turkey reporting segments share similar economic characteristics and have been aggregated accordingly.
(9)

Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
17. Segment information (continued)

For the three months ended March 31, 2022	Turkey	Canada	Greece	Romania	Other	Total	
							
Earnings and loss information							
Revenue	$	97,941 		$	64,939 		$	31,792 		$	— 		$	— 		$	194,672 		
Production costs	47,054 		27,212 		30,290 		— 		— 		104,556 		
	
Depreciation and amortization	23,373 		16,106 		11,156 		— 		— 		50,635 		
Earnings (loss) from mine operations	$	27,514 		$	21,621 		$	(9,654)		$	— 		$	— 		$	39,481 		
							
Other significant items of income and expense							
	
Impairment of property, plant and equipment	$	— 		$	— 		$	— 		$	365,426 		$	— 		$	365,426 		
Write-down of assets	24,111 		— 		30 		— 		— 		24,141 		
Exploration and evaluation expenses	689 		3,651 		162 		875 		484 		5,861 		
Income tax expense (recovery)	12,115 		8,724 		4,677 		(20,039)		(403)		5,074 		
							
Capital expenditure information							
Additions to property, plant and equipment during the period *	$	27,212 		$	18,166 		$	14,729 		$	33 		$	629 		$	60,769 		

Information about assets and liabilities							
Property, plant and equipment	$	825,207 		$	705,183 		$	2,021,642 		$	57,945 		$	15,954 		$	3,625,931 		
Goodwill	— 		92,591 		— 		— 		— 		92,591 		
	$	825,207 		$	797,774 		$	2,021,642 		$	57,945 		$	15,954 		$	3,718,522 		
							
Debt	$	— 		$	— 		$	— 		$	— 		$	482,770 		$	482,770 		
* Presented on an accrual basis, excludes asset retirement adjustments.

(10)

Eldorado Gold Corporation
Notes to the Condensed Consolidated Interim Financial Statements
For the three months ended March 31, 2022 and 2021
(Unaudited – in thousands of U.S. dollars, unless otherwise stated)
17. Segment information (continued)

For the three months ended March 31, 2021	Turkey	Canada	Greece	Romania	Brazil**	Other	Total	
								
Earnings and loss information								
Revenue	$	125,558 		$	51,958 		$	47,103 		$	— 		$	— 		$	— 		$	224,619 		
Production costs	40,912 		22,983 		44,665 		— 		— 		— 		108,560 		
	
Depreciation and amortization	22,412 		16,564 		13,510 		— 		— 		— 		52,486 		
Earnings (loss) from mine operations	$	62,234 		$	12,411 		$	(11,072)		$	— 		$	— 		$	— 		$	63,573 		
								
Other significant items of income and expense								
Write-down (recovery) of assets	$	(750)		$	— 		$	— 		$	— 		$	— 		$	— 		$	(750)		
Exploration and evaluation expenses	821 		1,483 		137 		996 		— 		571 		4,008 		
Income tax expense (recovery)	23,863 		4,712 		(8,154)		6,417 		— 		— 		26,838 		
Loss from discontinued operations,
net of tax attributable to shareholders
of the Company	— 		— 		— 		— 		(2,394)		— 		(2,394)		
								
Capital expenditure information								
Additions to property, plant and equipment during the period*	$	31,021 		$	17,444 		$	10,611 		$	— 		$	— 		$	333 		$	59,409 		
	
* Presented on an accrual basis, excludes asset retirement adjustments.
**The Brazil reporting segment included the Tocantinzinho project and exploration activities up until the sale of Tocantinzinho in October 2021.

																								
For the year ended December 31, 2021	Turkey	Canada	Greece	Romania	Brazil	Other	Total	
								
Information about assets and liabilities								
Property, plant and equipment	$	841,000 		$	704,663 		$	2,018,440 		$	423,503 		$	— 		$	15,605 		$	4,003,211 		
Goodwill	— 		92,591 		— 		— 		— 		— 		92,591 		
	$	841,000 		$	797,254 		$	2,018,440 		$	423,503 		$	— 		$	15,605 		$	4,095,802 		
								
Debt	$	— 		$	— 		$	— 		$	— 		$	— 		$	489,763 		$	489,763 		

(11)

Exhibit 99.2

			
Management’s Discussion and Analysis	
	
For the three months ended March 31, 2022	

									
			
		Suite 1188, 550 Burrard Street	
		Vancouver, British Columbia	
		V6C 2B5	
			
		Phone: (604) 687-4018	
		Fax: (604) 687-4026	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Management’s Discussion and Analysis
This Management’s Discussion and Analysis (“MD&A”) dated April 28, 2022 for Eldorado Gold Corporation contains information that management believes is relevant for an assessment and understanding of our consolidated financial position and the results of consolidated operations for the three months ended March 31, 2022. The MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2022 and 2021, which were prepared in accordance with International Accounting Standard (“IAS”) 34 'Interim Financial Reporting'. In addition, this MD&A should be read in conjunction with both the audited annual consolidated financial statements for the years ended December 31, 2021 and 2020 prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and the related annual MD&A.
Throughout this MD&A, Eldorado, we, us, our and the Company means Eldorado Gold Corporation. This quarter means the first quarter of 2022.
Forward Looking Statements and Information
This MD&A contains forward-looking statements and information and should be read in conjunction with the risk factors described in the “Managing Risk” and “Other Information and Advisories” sections of this MD&A. Additional information including this MD&A, the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2022 and 2021, the audited annual consolidated financial statements for the years ended December 31, 2021 and 2020, our Annual Information Form for the year ended December 31, 2021 (our "AIF"), and press releases, have been filed electronically through the System for Electronic Document Analysis and Retrieval (“SEDAR”), the Electronic Data Gathering, Analysis and Retrieval system ("EDGAR"), and are available online under the Eldorado profile at www.sedar.com, www.sec.gov/edgar and on the Company’s website (www.eldoradogold.com).
Non-IFRS and Other Financial Measures and Ratios
Certain non-IFRS financial measures and ratios are included in this MD&A, including cash operating costs and cash operating costs per ounce sold, total cash costs and total cash costs per ounce sold, all-in sustaining costs ("AISC") and AISC per ounce sold, sustaining and growth capital, average realized gold price per ounce sold, adjusted net earnings/(loss) attributable to shareholders, adjusted net earnings/(loss) per share attributable to shareholders, earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), free cash flow, working capital and cash flow from operating activities before changes in working capital. In the gold mining industry, these are common performance measures but may not be comparable to similar measures presented by other issuers. We believe that these measures, in addition to information prepared in accordance with IFRS, provides investors with useful information to assist in their evaluation of the Company’s performance and ability to generate cash flow from operating activities. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further information, refer to the “Non-IFRS and Other Financial Measures and Ratios” section of this MD&A.
The following additional abbreviations may be used throughout this MD&A: General and Administrative Expenses ("G&A"); Gold ("Au"); Ounces ("oz"); Grams per Tonne ("g/t"); Million Tonnes ("Mt"); Tonnes ("t"); Kilometre ("km"); Metres ("m"); Tonnes per Day ("tpd"); Kilo Tonnes per Annum ("ktpa"); Percentage ("%"); Cash Generating Unit ("CGU"); Life of Mine ("LOM"); New York Stock Exchange ("NYSE") and Toronto Stock Exchange ("TSX"), Net Present Value ("NPV"), Internal Rate of Return ("IRR") and London Inter-Bank Offered Rate ("LIBOR").
Reporting Currency and Tabular Amounts
All amounts are presented in U.S. dollars ("$") unless otherwise stated. Unless otherwise specified, all tabular amounts are expressed in millions of U.S. dollars, except share, per share or per ounce amounts. Due to rounding, numbers presented throughout this MD&A may not add precisely to the totals provided.

									
		2	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Table of Contents

Section				Page	

		
About Eldorado	4	
		
Consolidated Financial and Operational Highlights	5	
		
Key Business Developments	6	
		
Review of Financial and Operating Performance	8	
		
Quarterly Operations Update	11	
		
Development Projects	17	
		
Exploration and Evaluation	18	
		
Financial Condition and Liquidity	19	
		
Quarterly Results	21	
		
Outstanding Share Information	22	
		
Non-IFRS and Other Financial Measures and Ratios	23	
		
Managing Risk	32	
		
Other Information and Advisories	34	
		
Corporate Information	37	

									
		3	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
About Eldorado
Eldorado Gold is a Canadian gold and base metals producer with more than 30 years of experience in discovering, building and operating mines in Europe, Asia and the Americas. Dual-listed on the Toronto (TSX: ELD) and New York (NYSE: EGO) stock exchanges, we are focused on creating value for our stakeholders at each stage of the mining process.
Our operations are global and we have assets in Turkey, Canada, Greece, and Romania. We operate four mines: Kisladag and Efemcukuru located in western Turkey, Lamaque in Canada, and Olympias located in northern Greece. Kisladag, Efemcukuru and Lamaque are gold mines, while Olympias is a polymetallic operation. Olympias produces three concentrates bearing lead-silver, zinc and gold.
Complementing our producing portfolio is our advanced stage gold-copper development project, Skouries in northern Greece. Skouries is currently on care and maintenance. We have in place an amended investment agreement (the "Amended Investment Agreement") with the Hellenic Republic that provides a mutually beneficial and modernized legal and financial framework that will allow for investment in the Skouries project and the Olympias mine.
Other development projects in our portfolio include Perama Hill, a wholly-owned gold-silver project in Greece, and Certej, a 80.5% owned gold project in Romania.
Our operating mines and development projects provide excellent opportunities for reserve growth through near-mine exploration programs. We also conduct early-stage exploration programs with the goal of providing low cost growth through discovery.
Our strategy is to focus on jurisdictions that offer the potential for long-term growth and access to high-quality assets. Fundamental to executing on this strategy is the strength of our in-country teams and stakeholder relationships. We have a highly skilled and dedicated workforce of over 4,600 people worldwide, with the majority of employees and management being nationals of the country of operation.
Through discovering and acquiring high-quality assets, safely developing and operating world-class mines, growing resources and reserves, responsibly managing impacts and building opportunities for local communities, we strive to deliver value to all our stakeholders.

									
		4	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Consolidated Financial and Operational Highlights

	3 months ended March 31,	
Continuing operations (6)	2022	2021	
Revenue	$194.7 		$224.6 		
Gold produced (oz)	93,209 		111,742 		
Gold sold (oz)	94,472 		113,594 		
Average realized gold price ($/oz sold) (2)	$1,889 		$1,732 		
Production costs	$104.6 		$108.6 		
Cash operating costs ($/oz sold) (2,3)	$835 		$641 		
Total cash costs ($/oz sold) (2,3)	$941 		$687 		
All-in sustaining costs ($/oz sold) (2,3)	$1,347 		$986 		
Net (loss) earnings for the period (1,4)	($316.8)		$14.3 		
Net (loss) earnings per share – basic ($/share) (1,4)	($1.74)		$0.08 		
Adjusted net (loss) earnings (1,2,4)	($19.0)		$25.2 		
Adjusted net (loss) earnings per share ($/share) (1,2,4)	($0.10)		$0.14 		
Net cash generated from operating activities (5)	$35.2 		$99.1 		
Cash flow from operating activities before changes in working capital (2,5)	$49.7 		$81.2 		
Free cash flow (2,5)	($26.8)		$33.4 		
Cash, cash equivalents and term deposits	$434.7 		$533.8 		

(1)Attributable to shareholders of the Company.
(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.
(3)Revenues from silver, lead and zinc sales are off-set against cash operating costs.
(4)Q1 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation.
(5)Q1 2021 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as a financing, rather than an operating activity.
(6)The Brazil segment is presented as a discontinued operation in 2021. See Note 17 of our condensed consolidated interim financial statements. Amounts presented are from continuing operations only.

									
		5	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Key Business Developments
Q1 2022 Production Challenges and Cost Increases
In January and February of 2022, our gold production was impacted by a number of challenges. These included: higher-than-anticipated absenteeism at all sites related to the surge of the novel coronavirus ("COVID-19") Omicron variant; snowfall and prolonged freezing temperatures impacting ore conveyance and stacking at Kisladag; government-mandated power outages of approximately three days at Kisladag; and snowfall combined with power outages impacting production for approximately six days at Olympias. Ore tonnes mined and gold grade returned to planned levels at most mines in March and underground mine development at Lamaque progressed in the latter part of the first quarter as manpower increased.
During the quarter we also experienced substantial price increases for certain commodities and consumables as a result of supply concerns caused by financial and trade sanctions against Russia, and ongoing supply chain challenges due to COVID-19. Cost increases primarily impacted electricity, fuel and reagents. Certain costs in Turkey also increased in the quarter in response to continued high consumer inflation rates, reaching 61% for the twelve-month period ended March 31, 2022. However, increases in costs denominated in local currency, being primarily labour costs, were mostly offset by continued weakening of the Turkish Lira in the quarter, decreasing to 14.6 Turkish Lira per U.S. dollar at March 31, 2022 from 13.0 Turkish Lira per U.S. dollar at December 31, 2021.
We continue to monitor the procurement of supplies and parts and no significant disruptions have been experienced to date. We also continue to monitor the impact of both COVID-19 and the Russia-Ukraine conflict on our customers, including re-directing concentrate shipments as required. No significant disruptions were experienced in the quarter with respect to refining of doré or fulfillment of concentrate shipments.
See additional discussion in the section - Quarterly Operations Update.
2022 Outlook
We are maintaining our 2022 annual guidance of 460,000 – 490,000 ounces of gold production. Gold production at Kisladag is expected to be weighted to the second half of the year as lower-than-planned tonnes placed on the heap leach pad in Q1 2022 are expected to reduce gold production in Q2 2022. Gold production at Olympias is also expected to be weighted to the second half of the year.
Cash operating costs per ounce sold and all-in sustaining costs per ounce sold were higher than planned in Q1 2022 as a result of lower production, combined with recent cost increases. In light of significant volatility in prices for electricity, fuel, reagents and other consumables required for our operations, we are monitoring the impact on expected full-year 2022 operating and capital costs and will provide an update in Q2 2022.
Labour Agreement Updates
In January 2022, we completed a two-year collective bargaining agreement with our labour union in Turkey. Adjustments were incorporated in light of continued high consumer inflation rates to support our workforce with rising costs of food and electricity. In April 2022, we also completed a two-year collective bargaining agreement with our labour unions in Greece. The agreement incorporates technology and flexibility to support the achievement of productivity and efficiency targets.
Certej Project Impairment
As a result of a plan to consider selling the Certej project, a non-core gold asset, we recorded an impairment of $365.4 million ($345.4 million net of deferred tax) in Q1 2022.

									
		6	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Updated Lamaque Technical Study
On February 24, 2022, we announced the results of a technical study updating the current Lamaque operation, including updated economics on the Upper Triangle deposit (zones C1 through C5), as well as preliminary economic assessments on the inferred resources on the Lower Triangle deposit (zones C6 through C10) and the Ormaque deposit. Highlights of the study using a gold price assumption of $1,500 per ounce include:
•NPV (5%) of $459 million for the Upper Triangle reserves;
•NPV (5%) of $162 million for the Lower Triangle inferred resources; and
•NPV (5%) of $197 million for the Ormaque inferred resource.
Inaugural Climate Change and Greenhouse Gas Emissions Report
On February 8, 2022, we published our inaugural Climate Change and Greenhouse Gas ("GHG") Emissions report and have set a target of mitigating GHG emissions by 30%, from 2020 levels, by 2030 on a ‘business as usual’ basis; equal to approximately 65,000 tonnes of carbon dioxide equivalent. The inaugural report supports our phased alignment with the recommendations of the Task Force on Climate-related Financial Disclosures and details our governance, strategy, risk management, metrics, and targets around climate change risks and opportunities.

		7	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Review of Financial and Operating Performance
Health and Safety
The Company’s lost-time injury frequency rate per million person-hours worked (“LTIFR") was 2.36 in Q1 2022, an increase from 1.81 in Q1 2021. We continue to take proactive steps to improve workplace safety and to ensure a safe working environment for our employees and contractors.
Production, Sales and Revenue
In Q1 2022, we produced 93,209 ounces of gold, a decrease of 17% from Q1 2021 production of 111,742 ounces.
•Kisladag produced 29,779 ounces, a decrease of 36% from Q1 2021 production of 46,172 ounces. The decrease was primarily due to COVID-19 related absenteeism, severe weather, and a government-mandated power outage, combined with lower tonnage placed on the heap leach pad in Q4 2021 during the commissioning of the high-pressure grinding rolls circuit ("HPGR").
•Lamaque produced 33,377 ounces, an increase of 16% from Q1 2021 production of 28,835 ounces. The increase was due to higher throughput, although COVID-19 related absenteeism delayed the development of high-grade stopes, which led to lower than planned gold grades in the quarter.
•Efemcukuru produced 21,057 ounces, a decrease of 10% from Q1 2021 production of 23,298 ounces. The decrease was due to a planned decrease in grade, and was partly offset by higher throughput during the quarter, despite experiencing COVID-19 related absenteeism.
•Olympias produced 8,996 ounces, a decrease of 33% from Q1 2021 production of 13,437 ounces. The decrease primarily reflected lower processing volumes in the quarter due to COVID-19 related absenteeism, in addition to power outages related to heavy snowfall in the region in January.
Gold sales in Q1 2022 totalled 94,472 ounces, a decrease of 17% from 113,594 ounces in Q1 2021. The lower sales volume compared to the prior year primarily reflected decreases in production at Kisladag, Efemcukuru, and Olympias.
The average realized gold price(1) was $1,889 per ounce sold in Q1 2022, an increase of 9% from $1,732 per ounce sold in Q1 2021.
Total revenue was $194.7 million in Q1 2022, a decrease of 13% from total revenue of $224.6 million in Q1 2021. The decrease was primarily driven by lower sales volumes in Q1 2022, and was partly offset by higher average metal prices.
Production Costs and Unit Cost Performance
Production costs decreased to $104.6 million in Q1 2022 from $108.6 million in Q1 2021 primarily due the suspension of operations at Stratoni at the end of 2021. Production costs at Stratoni totalled $15.3 million in Q1 2021. This decrease was partly offset by increases in certain production costs in Q1 2022 as a result of supply concerns caused by financial and trade sanctions against Russia, and ongoing supply chain challenges due to COVID-19. Cost increases primarily impacted electricity, fuel and reagents.
Production costs include royalty expense which increased to $10.1 million in Q1 2022 from $5.2 million in Q1 2021, despite lower sales volumes. The increase in royalty expense was partly due to a $4.5 million reversal of expense recorded in Q1 2021 following an amendment of retroactive gold royalty rates in Turkey. The remaining increase in the quarter was primarily due to higher metal prices, combined with a weakening of the Lira and the Euro against the U.S. dollar. In Turkey, royalties are paid on revenue less certain costs associated with ore haulage, mineral processing and related depreciation and are calculated on the basis of a sliding scale according to the average London Metal Exchange gold price during the calendar year. In Greece, royalties are paid on revenue and calculated on a sliding scale tied to international gold and base metal prices and the USD:EUR exchange rate.

(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

		8	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Cash operating costs(1) in Q1 2022 averaged $835 per ounce sold, an increase from $641 per ounce sold in Q1 2021. The increase was primarily due to lower production in the quarter, combined with an increase in certain production costs. AISC per ounce sold(1) increased to $1,347 in Q1 2022 from $986 in Q1 2021. The increase primarily reflects the higher cash operating costs per ounce sold in Q1 2022, combined with higher royalty expense.
Other Expenses
Depreciation expense totalled $50.6 million in Q1 2022, compared with $52.5 million in Q1 2021. A significant portion of property, plant and equipment depreciates on a unit-of-production basis over total estimated recoverable tonnes. The decrease in depreciation expense in Q1 2022 reflects lower sales volumes during the quarter, and was partly offset by an increase in depreciation on a per ounce basis as a result of lower gold grades at most mines.
Mine standby costs increased to $11.7 million in Q1 2022 from $1.6 million in Q1 2021. The increase was primarily due to costs incurred at Stratoni as the mine transitions to care and maintenance.
Impairment expense of $365.4 million ($345.4 million net of deferred tax) was recorded in Q1 2022 relating to the Certej gold project in Romania, as a result of a plan to consider selling the project. The impairment relates primarily to the mineral property asset and reflects the fair value of this asset, based on the expected sale consideration.
Write-downs of $24.1 million in Q1 2022 included $19.8 million ($15.4 million net of deferred tax) relating to property, plant and equipment at Kisladag. The write-downs were recognized on crushing and conveying equipment that has been decommissioned as a result of the installation and commissioning of the HPGR.
Foreign exchange gains totalled $2.7 million in Q1 2022, compared to $6.1 million in Q1 2021 and in both periods were primarily due to the weakening of the Turkish Lira, which resulted in downward revaluation of liabilities denominated in local currency.
Finance costs decreased to $2.2 million in Q1 2022, from $10.3 million in Q1 2021. The decrease was primarily due to a $7.0 million non-cash gain recognized on revaluation of a derivative related to redemption options in our debt.
Income tax expense from continuing operations decreased to $5.1 million in Q1 2022 from $26.8 million in Q1 2021, primarily due to lower sales volumes in the quarter and a deferred tax recovery recognized on the impairment of the Certej project. On January 22, 2022, a decrease in the corporate income tax rate in Turkey was announced for certain qualifying corporations. As a result, the current effective corporate income tax rate for our Turkish operations decreased to 22% from 23% for 2022 and will decrease to 19% from 20% for 2023 onwards.
Current tax expense decreased to $15.5 million in Q1 2022 from $25.7 million in Q1 2021 and related primarily to operations in Turkey of which $12.3 million was recognized in the quarter. The weakening of the Turkish Lira in the quarter resulted in $3.3 million tax expense on taxable unrealized foreign exchange gains, but were more than offset by a $4.6 million reduction from the investment tax credit received relating to expenditure on Kisladag heap leach improvements, which reduces the corporate tax rate. Current tax expense also included $4.4 million withholding tax on earnings repatriated from Turkey in the quarter and was reduced by tax exemptions associated with a Turkish Lira term deposit. The term deposit is protected against weakening of the Turkish Lira against the U.S. dollar and any resulting foreign exchange gains, retroactive to October 1, 2021, are exempt from tax. These exemptions reduced current tax by $5.7 million in Q1 2022, of which $4.5 million represented a credit for current tax expense in Q4 2021. Current tax expense also included Quebec mining duties of $3.2 million.
A deferred income tax recovery of $9.9 million in Q1 2022, compared to an expense of $1.1 million in Q1 2021, related primarily to a $20.0 million deferred tax recovery relating to the impairment of the Certej project, partly offset by a $12.4 million deferred tax expense related to the weakening of local currencies, primarily the Lira and the Euro, in which income tax is determined. A deferred tax recovery of $1.0 million was also realized in Q1 2022 relating to the impact of tax rate changes on opening deferred tax balances in Turkey.

(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

		9	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Net Earnings to Shareholders
We reported net loss attributable to shareholders from continuing operations of $316.8 million ($1.74 loss per share) in Q1 2022, compared to net earnings of $14.3 million ($0.08 earnings per share) in Q1 2021. Lower net income in Q1 2022 is primarily attributable to the impairment of the Certej project, a non-core gold asset, and the write-down of decommissioned equipment at Kisladag.
Adjusted net loss(1) was $19.0 million ($0.10 loss per share) in Q1 2022, compared to adjusted net earnings of $25.2 million ($0.14 earnings per share) in Q1 2021. Adjusted net loss in Q1 2022 removed the $365.4 million ($278.0 million attributable to shareholders and net of deferred tax) non-cash impairment of Certej, the $19.8 million ($15.4 million net of deferred tax) non-cash write-down of decommissioned equipment at Kisladag, $12.4 million loss on foreign exchange due to translation of deferred tax balances, a $7.0 million gain on the non-cash revaluation of the derivative related to redemption options in our debt and a $1.0 million deferred tax recovery relating to the impact of tax rate changes in Turkey.

(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

		10	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Quarterly Operations Update
Gold Operations

	3 months ended March 31,	
	2022	2021	
Total			
 Ounces produced	93,209 		111,742 		
Ounces sold	94,472 		113,594 		
Production costs	$104.6 		$108.6 		
Cash operating costs ($/oz sold) (1,2)	$835 		$641 		
All-in sustaining costs ($/oz sold) (1,2)	$1,347 		$986 		
Sustaining capital expenditures (2)	$24.5 		$20.5 		
Kisladag			
Ounces produced	29,779 		46,172 		
Ounces sold	29,778 		47,507 		
Production costs	$30.1 		$26.3 		
Cash operating costs ($/oz sold) (1,2)	$861 		$492 		
All-in sustaining costs ($/oz sold) (1,2)	$1,084 		$607 		
Sustaining capital expenditures (2)	$2.5 		$2.8 		
Lamaque			
Ounces produced	33,377 		28,835 		
Ounces sold	34,125 		29,078 		
Production costs	$27.2 		$23.0 		
Cash operating costs ($/oz sold) (1,2)	$763 		$759 		
All-in sustaining costs ($/oz sold) (1,2)	$1,182 		$1,162 		
Sustaining capital expenditures (2)	$13.0 		$9.3 		
Efemcukuru			
Ounces produced	21,057 		23,298 		
Ounces sold	21,382 		24,130 		
Production costs	$17.0 		$14.6 		
Cash operating costs ($/oz sold) (1,2)	$648 		$525 		
All-in sustaining costs ($/oz sold) (1,2)	$999 		$693 		
Sustaining capital expenditures (2)	$3.5 		$2.6 		
Olympias			
Ounces produced	8,996 		13,437 		
Ounces sold	9,187 		12,879 		
Production costs	$30.2 		$29.4 		
Cash operating costs ($/oz sold) (1,2)	$1,449 		$1,145 		
All-in sustaining costs ($/oz sold) (1,2)	$2,399 		$1,799 		
Sustaining capital expenditures (2)	$5.6 		$5.8 		
(1)Revenues from silver, lead and zinc sales are off-set against cash operating costs.
(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

									
		11	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Kisladag

	3 months ended March 31,	
Operating Data	2022	2021	
Tonnes placed on pad	2,080,062 		3,127,290 		
Head grade (g/t gold)	0.61	0.77 		
Gold ounces produced	29,779 		46,172 		
Gold ounces sold	29,778 		47,507 		
Average realized gold price ($/oz sold) (1)	$1,876 		$1,788 		
Cash operating costs ($/oz sold) (1)	$861 		$492 		
All-in sustaining costs ($/oz sold) (1)	$1,084 		$607 		
Financial Data			
Revenue	$56.6 		$85.7 		
Production costs	30.1 		26.3 		
Depreciation and depletion (2)	12.7 		11.5 		
Earnings from mine operations (2)	13.9 		47.9 		
Growth capital expenditures (1)	20.0 		23.9 		
Sustaining capital expenditures (1)	$2.5 		$2.8 		
(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.
(2)Q1 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation.

Kisladag produced 29,779 ounces of gold in Q1 2022, a 36% decrease from 46,172 ounces in Q1 2021. The decrease was primarily due to COVID-19 related absenteeism, severe weather and an approximate three-day government-mandated power outage. The decrease was also the result of lower tonnage placed on the heap leach pad in Q4 2021 during the commissioning of the HPGR. Average grade declined to 0.61 grams per tonne in Q1 2022 from 0.77 grams per tonne in Q1 2021.
Tonnes placed on the heap leach pad in Q1 2022 were lower than planned, primarily due to snowfall and prolonged freezing temperatures that impacted the ore conveyance and stacking system, reducing productivity in the quarter. Tonnes placed on the pad and production ramped up in March and optimization of the agglomeration circuit continued. The HPGR is performing to plan, with recovery rates as expected. Lower tonnes placed on the heap leach pad in Q1 2022 are expected to negatively impact gold production in Q2 2022.
Revenue decreased to $56.6 million in Q1 2022 from $85.7 million in Q1 2021, reflecting lower sales in the quarter and partly offset by an increase in the average realized gold price.
Production costs increased to $30.1 million in Q1 2022 from $26.3 million in Q1 2021 primarily due to cost increases in labour, reagents, electricity and fuel. These increases, combined with lower production in the quarter, resulted in a significant increase in cash operating costs per ounce sold to $861 in Q1 2022 from $492 in Q1 2021.
AISC per ounce sold increased to $1,084 in Q1 2022 from $607 in Q1 2021, primarily due to the increase in cash operating costs per ounce sold, combined with an increase in royalty expense. The increase in royalty expense to $3.7 million in Q1 2022 from $2.1 million in Q1 2021 was primarily due to a $2.8 million reversal of expense recorded in Q1 2021 following an amendment of retroactive gold royalty rates, and to a lesser extent, due to higher gold royalty rates in Q1 2022 in line with higher gold prices in the quarter.
Sustaining capital expenditures of $2.5 million in Q1 2022 primarily included equipment rebuilds and processing improvements. Growth capital expenditures of $20.0 million in Q1 2022 included waste stripping to support the mine life extension, and construction of the first phase of the North heap leach pad. Severe weather in the quarter resulted in some delays in construction of the North heap leach pad and it is expected to be available for stacking in late 2022.

		12	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Lamaque

	3 months ended March 31,	
Operating Data	2022	2021	
Tonnes milled	202,359 		180,834 		
Head grade (g/t gold)	5.27 		5.17 		
Average recovery rate	97.3%	96.0%	
   Gold ounces produced	33,377 		28,835 		
   Gold ounces sold	34,125 		29,078 		
Average realized gold price ($/oz sold) (1)	$1,893 		$1,774 		
Cash operating costs ($/oz sold) (1)	$763 		$759 		
All-in sustaining costs ($/oz sold) (1)	$1,182 		$1,162 		
Financial Data			
Revenue	$64.9 		$52.0 		
Production costs	27.2 		23.0 		
Depreciation and depletion (2)	16.1 		16.6 		
Earnings from mine operations (2)	21.6 		12.4 		
Growth capital expenditures (1)	1.8 		7.1 		
Sustaining capital expenditures (1)	$13.0 		$9.3 		
(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.
(2)Q1 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation.

Lamaque produced 33,377 ounces of gold in Q1 2022, a 16% increase from 28,835 ounces in Q1 2021 and primarily due to higher throughput in the quarter. COVID-19 related absenteeism led to a reduction in workforce hours in January and February. This delayed the underground development of high-grade stopes, which led to lower than planned gold grades in the quarter. Mine development increased in March and gold grade and tonnage returned to planned levels. Average grade increased slightly to 5.27 grams per tonne in Q1 2022 from 5.17 grams per tonne in Q1 2021. Full-year gold production at Lamaque is expected to be in line with guidance.
Revenue increased to $64.9 million in Q1 2022 from $52.0 million in Q1 2021 due to higher production in the quarter, combined with a higher average realized gold price.
Production costs increased to $27.2 million in Q1 2022 from $23.0 million in Q1 2021, primarily due to higher production in the quarter. Cost increases for consumables were partly offset by a slightly weaker Canadian dollar during the quarter. Cash operating costs per ounce sold increased to $763 in Q1 2022 from $759 in Q1 2021, primarily reflecting higher production.
AISC per ounce sold increased to $1,182 in Q1 2022 from $1,162 in Q1 2021, primarily due to an increase in sustaining capital expenditure. Sustaining capital expenditure of $13.0 million in Q1 2022 primarily included underground development and construction. Growth capital expenditure of $1.8 million in Q1 2022 was primarily construction of underground infrastructure.

									
		13	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Efemcukuru

	3 months ended March 31,	
Operating Data	2022	2021	
Tonnes milled	131,894 		128,989 		
Head grade (g/t gold)	5.95 		6.67 		
Average recovery rate (to concentrate)	93.2%	93.6%	
Gold ounces produced (1)	21,057 		23,298 		
Gold ounces sold	21,382 		24,130 		
Average realized gold price ($/oz sold) (2)	$1,931 		$1,651 		
Cash operating costs ($/oz sold) (2)	$648 		$525 		
All-in sustaining costs ($/oz sold) (2)	$999 		$693 		
Financial Data			
Revenue	$41.3 		$39.8 		
Production costs	17.0 		14.6 		
Depreciation and depletion	10.7 		10.9 		
Earnings from mining operations	13.6 		14.3 		
Growth capital expenditures (2)	0.4 		— 		
Sustaining capital expenditures (2)	$3.5 		$2.6 		
(1)Payable metal produced.
(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

Efemcukuru produced 21,057 payable ounces of gold in Q1 2022, a 10% decrease from 23,298 payable ounces in Q1 2021. The decrease was due to a planned decrease in grade to 5.95 grams per tonne in Q1 2022 from 6.67 grams per tonne in Q1 2021, and was partly offset by higher throughput during the quarter despite experiencing COVID-19 related absenteeism.
Revenue increased to $41.3 million in Q1 2022 compared to $39.8 million in Q1 2021. The increase was due to a higher average realized gold price during Q1 2022, partly offset by lower payable gold ounces sold.
Production costs increased to $17.0 million in Q1 2022 from $14.6 million in Q1 2021 due to increased tonnes processed, combined with cost increases in labour, electricity and consumables. These increases, combined with lower production in the quarter, resulted in an increase in cash operating costs per ounce sold to $648 in Q1 2022, from $525 in Q1 2021.
AISC per ounce sold increased to $999 in Q1 2022 from $693 in Q1 2021, primarily due to the increase in cash operating costs per ounce sold, combined with an increase in royalty expense. The increase in royalty expense to $3.1 million in Q1 2022 from $0.8 million in Q1 2021 was primarily due to a $1.7 million reversal of expense recorded in Q1 2021 following an amendment of retroactive gold royalty rates, and to a lesser extent, due to higher gold royalty rates in Q1 2022 in line with higher gold prices in the quarter.
Sustaining capital expenditures of $3.5 million in Q1 2022 was primarily underground development and growth capital expenditures of $0.4 million includes resource conversion drilling at Kokarpinar.

									
		14	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Olympias

	3 months ended March 31,	
Operating Data	2022	2021	
Tonnes milled	85,813 		103,167 		
Head grade (g/t gold)	6.16 		6.98 		
Head grade (g/t silver)	94.17 		79.27 		
Head grade (% lead)	2.87 		2.45 		
Head grade (% zinc)	3.22 		3.17 		
Gold average recovery rate (to concentrate)	78.9%	85.4%	
Silver average recovery rate (to concentrate)	83.4%	81.9%	
Lead average recovery rate (to concentrate)	83.6%	83.9%	
Zinc average recovery rate (to concentrate)	79.9%	83.7%	
Gold ounces produced (1)	8,996 		13,437 		
Gold ounces sold	9,187 		12,879 		
Silver ounces produced (1)	209,351 		204,789 		
Silver ounces sold	233,030 		309,790 		
Lead tonnes produced (1)	1,971 		2,021 		
Lead tonnes sold	2,217 		3,035 		
Zinc tonnes produced (1)	1,880 		2,300 		
Zinc tonnes sold	2,405 		1,143 		
Average realized gold price ($/oz sold) (2)	$1,817 		$1,586 		
Cash operating costs ($/oz sold) (2)	$1,449 		$1,145 		
All-in sustaining costs ($/oz sold) (2)	$2,399 		$1,799 		
Financial Data			
Revenue	$31.2 		$33.4 		
Production costs	30.2 		29.4 		
Depreciation and depletion	10.7 		12.9 		
Earnings (loss) from mining operations	(9.8)		(8.9)		
Growth capital expenditures (2)	1.4 		1.2 		
Sustaining capital expenditures (2)	$5.6 		$5.8 		
(1)Payable metal produced.
(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

Olympias produced 8,996 ounces of gold in Q1 2022, a 33% decrease from 13,437 ounces in Q1 2021. The decrease reflected lower processing volumes and lower gold grade in the quarter. Lead and zinc production were lower in Q1 2022 as compared to Q1 2021, also due to lower processing volumes while silver ounces produced were slightly higher due to higher grade. In January and February, gold production at Olympias was impacted by COVID-19 related absenteeism. Additionally, operations were impacted for approximately six days in January due to snowfall in the region which resulted in an approximate four-day power outage. Operations resumed mining to plan in March and achieved planned tonnage and grades for the month. Initiatives are in place to continue ramping up mine production tonnage, control the grades and maximize plant throughput for the remainder of the year. Plant throughput in Q2 2022 is expected to be impacted by planned processing tie-ins to improve water treatment plant efficiency and capacity.

		15	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Revenue decreased to $31.2 million in Q1 2022 compared to $33.4 million in Q1 2021 primarily as a result of lower sales volumes. Gold revenue was impacted during the quarter by the 13% VAT import charge levied on customers importing Olympias gold concentrate into China. This import charge, effective since October 1, 2021, reduces revenue by a corresponding amount. China was the primary destination of Olympias gold concentrate in Q1 2022, as shipments to Russia were halted as a result of the Russia-Ukraine conflict. We continue to explore other markets. These decreases were partly offset by an increase in the average realized gold price in the quarter. Silver and base metal revenue increased to $16.2 million in Q1 2022 from $12.9 million in Q1 2021, primarily due to strong metal prices in the quarter.
Production costs increased slightly to $30.2 million in Q1 2022 from $29.4 million in Q1 2021. Consistent costs in the quarter reflected price increases in electricity, fuel and other consumables, offset by reduced consumption as a result of lower production. These price increases, combined with lower production in the quarter, resulted in an increase in cash operating costs per ounce sold to $1,449 in Q1 2022 from $1,145 in Q1 2021. This increase was partly offset by a higher proportion of silver and base metal revenue in the quarter, which reduce cash operating costs as by-product credits.
AISC per ounce sold increased to $2,399 in Q1 2022 from $1,799 in Q1 2021 primarily due to the increase in cash operating costs per ounce sold, combined with an increase in royalty expense. Royalty expense increased to $2.5 million in Q1 2022 from $1.7 million in Q1 2021 as result of higher metal prices in the quarter. Sustaining capital expenditure of $5.6 million in Q1 2022 primarily included underground development, and resulted in a $155 increase in AISC per ounce sold due to lower gold production in the quarter.

									
		16	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Development Projects
Skouries – Greece
The Skouries project, part of the Kassandra Mines Complex, is located within the Halkidiki Peninsula of Northern Greece. Skouries is a high-grade gold-copper asset with a 23-year mine life and expected average annual production of 140,000 ounces of gold and 67 million pounds of copper (combined approximately 312,000 ounces gold equivalent). The project provides an after-tax IRR of 19% and an NPV (5%) of $1.3 billion with capital costs to complete the project estimated at $845 million. The project remains subject to financing and Board approval, and we continue to evaluate financing options. Following a re-start of full construction, project completion is expected in approximately 2.5 years. In March 2022, we filed an updated Technical Report for the Skouries Project, dated January 22, 2022, which was prepared in accordance with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
The project is significantly advanced with investment since inception to present of approximately $550 million, including $440 million for the construction of the mill building, flotation building, pebble crusher and civil works, $70 million for studies and $45 million for care and maintenance costs. Capital expenditures totalled $5.6 million in Q1 2022 with activity focused on commencement of cladding the process plant, design works and preservation.
Olympias Expansion – Greece
With the successful completion of the Amended Investment Agreement, plans are underway to expand the processing facility, currently at 473ktpa, to 650ktpa as set forth in our Technical Report for the Olympias Mine dated December 31, 2019 and prepared in accordance with the requirements of NI 43-101. The processing expansion is aligned with the development of the flats area within the mine, which provides a less constrained underground production environment. We submitted a modification to the Kassandra Mines Environmental Impact Assessment in December 2021 as planned, which will cover the expansion of the Olympias processing facility and the Stratoni port modernization. Approval of this modification is anticipated in 2022. Capital investment into an expansion will require sustained performance of the Olympias mine at its current capacity.
Eldorado is also committed to providing the Hellenic state with an updated proposal for refractory ore processing by 2023; this being a strategic opportunity to generate value from the complex poly-metallic deposits which reside in our portfolio.
Perama Hill – Greece
Perama Hill is an epithermal gold-silver deposit located in the Thrace region of northern Greece. If developed, the project will operate as a small open pit mine that uses a conventional carbon in leach circuit for gold recovery. Project optimization and studies are ongoing to prepare permitting documentation.
Certej Project – Romania
The Certej mining concession was extended in January 2020 for an additional five years. As a result of a plan to consider selling the Certej project, a non-core gold asset, we recorded an impairment of $365.4 million ($345.4 million net of deferred tax) in Q1 2022.

									
		17	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Exploration and Evaluation
Exploration and evaluation expenditures in Q1 2022 were primarily related to brownfields resource expansion programs at our operations in Canada, Turkey and Greece, and to early-stage projects and project generation activities in Turkey and Eastern Canada.
Exploration and evaluation expenditures are expensed when they relate to the search for, or the delineation of, mineral deposits, or the initial evaluation of the technical and economic feasibility of a project. Exploration and evaluation expenditures are capitalized once there is sufficient evidence to support the probability of generating positive economic returns.
In Q1 2022, exploration and evaluation expense totalled $5.9 million, of which $4.3 million related to early-stage projects in Quebec and Turkey. In Quebec, this included till-sampling drilling at the Montgolfier project, drill target definition fieldwork on the Bruell, Sigma-Lamaque and Bourlamaque properties and early-stage drilling at the Bevcon, Bruell, and Bonnefond projects, combined totalling 18,243 metres in Q1 2022. In Turkey, exploration programs focused on fieldwork at regional greenfield projects as well as drilling new early-stage targets at Efemcukuru, totalling 4,282 metres in Q1 2022. The remaining expense related to activities at Certej and other sites.
Capitalized expenditures of $4.3 million related to resource expansion and resource conversion programs at the Triangle and Ormaque deposits (Lamaque Operations), Efemcukuru, Stratoni and Olympias. These totalled 26,063 meters of drilling in Q1 2022.
At the Triangle deposit, underground drilling programs tested extensions of the C2 and C4 zones, totalling 2,136 meters of drilling in Q1 2022. At Ormaque, drilling included infill holes to better define grade continuity within the existing inferred resource zones, stepout holes testing the lateral extent of these zones, and exploration holes testing new areas along strike and at depth.
At Efemcukuru, capitalized exploration was related to resource expansion and resource conversion drilling programs targeting ore shoots within the Kokarpinar South and Bati vein systems, totalling 10,478 meters in Q1 2022.
At Olympias, drilling targeted western extensions to the Flats ore zone, totalling 1,888 meters in Q1 2022.

		18	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Financial Condition and Liquidity
Operating Activities
Net cash generated from operating activities from continuing operations decreased to $35.2 million in Q1 2022 from $99.1 million in Q1 2021, primarily as a result of lower gold production and sales volumes. Income taxes paid of $15.9 million in Q1 2022 primarily related to operations in Turkey, and to a lesser extent, Quebec mining duties for Lamaque. Interest payments of $16.9 million in Q1 2022 primarily included the March 1, 2022 semi-annual interest payment on our senior notes.
Cash decreased by $14.5 million in Q1 2022 due to changes in non-cash working capital. Movements included a $20.7 million decrease in accounts payable due to the timing of payments in the quarter, a $16.9 million decrease in accounts receivable due to the timing of receipts and sales, and a $10.7 million increase in inventory, primarily for consumables and parts. Annual royalty payments in Turkey and Greece are expected to negatively impact net cash generated from operating activities in Q2 2022.
Investing Activities
In Q1 2022, we invested $52.0 million in capital expenditures on a cash basis, of which $24.5 million related to sustaining capital expenditures at our gold mines and primarily included underground development, equipment rebuilds and processing improvements. $23.7 million was invested in growth capital expenditures and included $14.8 million of waste stripping at Kisladag and $4.1 million for construction of the Kisladag North leach pad.

Summary of Capital Expenditures	Q1 2022	Q1 2021	
Kisladag	$20.0 		$23.9 		
Lamaque	1.8 		7.1 		
Efemcukuru	0.4 		— 		
Olympias	1.4 		1.2 		
Growth capital expenditures (2)	$23.7 		$32.2 		
			
Kisladag (1)	$2.5 		$3.2 		
Lamaque	13.0 		9.3 		
Efemcukuru (1)	3.4 		2.8 		
Olympias	5.6 		5.8 		
Sustaining capital expenditures (2)	$24.5 		$21.1 		
			
Lamaque	$3.4 		$1.1 		
Efemcukuru	0.1 		0.2 		
Olympias	0.2 		0.4 		
Capitalized exploration costs	$3.8 		$1.7 		
			
Skouries	$5.6 		$0.8 		
Other projects	3.2 		3.6 		
Total capital expenditures	$60.8 		$59.4 		
			
Reconciliation to cash capital expenditures:			
   Capital accruals	($8.2)		$6.4 		
   Lease and other non-monetary additions	(0.6)		(1.8)		
	
Total cash capital expenditures (3)	$52.0 		$64.0 		
(1)Includes non-cash sustaining lease additions.
(2)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.
(3)Does not include capital expenditures related to discontinued operations in Brazil of $0.9 million Q1 2021

									
		19	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Financing Activities
Senior Notes
On August 26, 2021, we completed an offering of $500 million senior unsecured notes with a coupon rate of 6.25% due September 1, 2029 (the “senior notes”). The senior notes pay interest semi-annually on March 1 and September 1, which began on March 1, 2022. The senior notes are guaranteed by Eldorado Gold (Netherlands) B.V., SG Resources B.V., Tüprag Metal Madencilik Sanayi ve Ticaret AS, and Eldorado Gold (Quebec) Inc., all wholly-owned subsidiaries of the Company. We are in compliance with covenants related to the senior notes as at March 31, 2022.
Senior Secured Credit Facility
On October 15, 2021, we entered into a $250 million amended and restated senior secured credit facility ("Fourth ARCA") with an option to increase the available credit by $100 million through an accordion feature, and with a maturity date of October 15, 2025. We are in compliance with covenants related to the Fourth ARCA as at March 31, 2022. No amounts were drawn down under the revolving credit facility in Q1 2022 and as at March 31, 2022, the balance is nil.
Flow-Through Financing
On March 14, 2022, we completed a private placement of 442,700 common shares at a price of CDN $18.07 per share for proceeds of CDN $8 million (USD $6.4 million), which will be used to fund continued exploration. On the same date, we also completed a private placement of 251,800 common shares at a price of CDN $15.88 per share for proceeds of CDN $4 million (USD $3.2 million), which will be used to fund the Triangle deposit ramp development. The shares will qualify as flow-through shares for Canadian tax purposes and were issued at a premium of CDN $4.19 and CDN $2.00 per share respectively to the closing market price of the Company’s common shares at the date of issue.
Capital Resources

	March 31, 2022	December 31, 2021	
Cash and cash equivalents	$374.7 		$481.3 		
Term deposits	60.0 		— 		
Working capital (1)	493.3 		521.6 		
Debt - long-term	$482.8 		$489.8 		
(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.
At March 31, 2022, we had unrestricted cash and cash equivalents and term deposits of $434.7 million compared to $481.3 million at December 31, 2021. At March 31, 2022, the current availability under the revolving credit facility is $249.7 million.
We believe that our working capital(1) of $493.3 million as at March 31, 2022, together with future cash flows from operating activities and access to the undrawn revolving credit facility, if required, are sufficient to support our planned and foreseeable commitments for the next twelve months. We continue to evaluate financing options for the Skouries project.
Contractual Obligations
Significant changes to our commitments and contractual obligations as at March 31, 2022 are outlined below:

	Within 1 year	2 years	3 years	4 years	5 years +	Total  	
Purchase obligations	$35.7 		$1.6 		$— 		$— 		$— 		$37.3 		

	
Purchase obligations relate primarily to operating costs at all mines and capital projects at Kisladag.
(1)These financial measures or ratios are non-IFRS financial measures or ratios. See the section 'Non-IFRS and Other Financial Measures and Ratios' for explanations and discussion of these non-IFRS financial measures or ratios.

		20	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Quarterly Results

	2022	2021	2021	2021	2021	2020	2020	2020	
	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	
Total revenue	$194.7 		$244.6 		$238.4 		$233.2 		$224.6 		$278.5 		$287.6 		$255.9 		
Impairment of property, plant and equipment	365.4 		13.9 		— 		— 		— 		— 		— 		— 		
Net earnings (loss) from continuing operations(1,2)	(316.8)		(43.1)		8.5 		31.0 		14.3 		30.0 		46.0 		50.6 		
Net earnings (loss) from discontinued operations (1,3)	— 		3.1 		(60.8)		(86.8)		(2.4)		1.5 		1.1 		(1.5)		
Net earnings (loss) per share from continuing operations (1,2)									
- basic	($1.74)		($0.24)		$0.05 		$0.17 		$0.08 		$0.17 		$0.26 		$0.30 		
- diluted	($1.74)		($0.23)		$0.05 		$0.17 		$0.08 		$0.17 		$0.26 		$0.29 		
(1)Attributable to shareholders of the Company.
(2)2020 and Q1 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation.
(3)The Brazil segment is presented as a discontinued operation.

Revenue in Q1 2022 benefited from an increase in the average realized gold price. Net earnings were negatively impacted in Q1 2022 by cost increases at most sites as a result of supply concerns caused by financial and trade sanctions against Russia, and ongoing supply chain challenges due to COVID-19.
Revenue and net earnings in Q1 2022 and Q2 2020 were more significantly impacted by the COVID-19 pandemic. In Q1 2022, COVID-19 related absenteeism negatively impacted gold production at most sites. In Q2 2020, mining and processing activities were suspended at Lamaque from March 25, 2020 to April 15, 2020 in accordance with the Quebec government-mandated restrictions to address the COVID-19 pandemic in the province.
Net earnings were negatively impacted in several quarters by non-cash impairments and write-downs of property, plant and equipment. In Q1 2022 a $365.4 million ($345.4 million net of deferred tax) impairment was recorded as a result of a plan to consider selling the Certej project, and a $19.8 million ($15.4 million net of deferred tax) write-down was recorded relating to certain crushing and conveying equipment decommissioned as a result of the installation and commissioning of the HPGR at Kisladag. In Q4 2021 a $13.9 million ($30.8 million inclusive of deferred tax) impairment was recorded related to the closure of Stratoni. In Q4 2020, a $40.0 million write-down was recorded on capital works in progress at Olympias.
Net earnings were negatively impacted since Q1 2021 by planned decreases in average ore grade at Kisladag.
Net earnings in 2021 were negatively impacted by the weakening of local currencies, particularly in Q4 2021 with $26.1 million of current tax expense and $26.4 million of deferred tax expense recognized as a result of the significant weakening of the Turkish Lira in December 2021. This was partly offset by a $19.6 million gain on foreign exchange in Q4 2021 as a result of the downward revaluation of liabilities denominated in Turkish Lira. Net earnings were positively impacted by the receipt of an investment tax credit related to Kisladag heap leach improvements which reduced the corporate tax rate, resulting in current tax savings in Q4 2020 through Q1 2022.
Net earnings were negatively impacted in Q3 2020 by an incremental 25% increase to gold royalty rates in Turkey, announced in September 2020 and retroactive to January 1, 2020. Net earnings decreased by $3.2 million, net of tax, in Q3 2020 due to additional royalty expense recorded in that quarter to reflect the additional royalty cost associated with gold sales during the first six months of 2020. Net earnings increased by $3.6 million, net of tax, in Q1 2021 upon further announcement that the increased gold royalty rates would only take effect from the original announcement date and would no longer be retroactive to January 1, 2020.
Net loss from discontinued operations primarily represents a $99.5 million ($89.5 million net of deferred tax) impairment charge recorded on the Tocantinzinho Project in Q2 2021 and a $60.6 million loss recognized in Q3 2021. The Tocantinzinho project was sold in Q4 2021.

									
		21	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Outstanding Share Information

Common Shares Outstanding (1)	 	
- as of March 31, 2022	184,791,528 		
- as of April 28, 2022	184,684,046 		
  Share purchase options - as of April 28, 2022
  (Weighted average exercise price per share: CDN $11.49)	4,166,839 		
(1)Includes treasury stock.

									
		22	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Non-IFRS and Other Financial Measures and Ratios
We have included certain non-IFRS financial measures and ratios in this MD&A, as discussed below. We believe that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. These non-IFRS financial measures and ratios are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures and ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.
Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements.
The following table outlines the non-IFRS financial measures and ratios, their definitions, the most directly comparable IFRS measures and why we use these measures.

Non-IFRS financial measure or ratio	Definition		Most directly comparable IFRS measure	Why we use the measure and why it is useful to investors	
					
Cash operating costs	We define cash operating costs following the recommendations of the Gold Institute Production Cost Standard. The Gold Institute, which ceased operations in 2002, was a non-regulatory body and represented a global group of producers of gold and gold products. The production cost standard developed by the Gold Institute remains the generally accepted standard of reporting cash operating costs of production by gold mining companies. Cash operating costs include mine site operating costs such as mining, processing and administration, but exclude royalty expenses, depreciation and amortization, share based payments expenses and reclamation costs. Revenue from sales of by-products including silver, lead and zinc reduce cash operating costs.		Production costs	We believe these measures assist investors and analysts in evaluating the Company's operating performance and our ability to generate cash flow.	
Cash operating costs
per ounce sold	This ratio is calculated by dividing cash operating costs by gold ounces sold in the period.				
Total cash costs	Total cash costs are the sum of cash operating costs and royalties.				
Total cash costs
per ounce sold	This ratio is calculated by dividing total cash costs by gold ounces sold in the period.				
All-in sustaining costs (AISC)	We define AISC based on the definition set out by the World Gold Council, including the updated guidance note dated November 14, 2018. We define AISC as the sum of total cash costs (as defined above), sustaining capital expenditure relating to current operations (including capitalized stripping and underground mine development), sustaining leases (cash basis), sustaining exploration and evaluation cost related to current operations (including sustaining capitalized evaluation costs), reclamation cost accretion and amortization related to current gold operations and corporate and allocated general and administrative expenses. Corporate and allocated general and administrative expenses include general and administrative expenses, share-based payments and defined benefit pension plan expense. Corporate and allocated general and administrative expenses do not include non-cash depreciation. As this measure seeks to reflect the full cost of gold production from current operations, growth capital and reclamation cost accretion not related to operating gold mines are excluded. Certain other cash expenditures, including tax payments, financing charges (including capitalized interest), except for financing charges related to leasing arrangements, and costs related to business combinations, asset acquisitions and asset disposals are also excluded.		Production costs	We believe these measures assist investors, analysts and other stakeholders with understanding the full cost of producing and selling gold and in evaluating our operating performance and our ability to generate cash flow. In addition, the Compensation Committee of the Board of Directors uses AISC, together with other measures, in its Corporate Scorecard to set incentive compensation goals and assess performance.	
AISC
per ounce sold	This ratio is calculated by dividing AISC by gold ounces sold in the period.				

		23	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			

Non-IFRS financial measure or ratio	Definition		Most directly comparable IFRS measure	Why we use the measure and why it is useful to investors	
					
Sustaining capital	Defined as capital required to maintain current operations at existing levels, including capitalized stripping and underground mine development. Sustaining capital excludes non-cash sustaining lease additions, unless otherwise noted, and does not include capitalized interest, expenditure related to capitalized evaluation, development projects, or other growth or sustaining capital not related to operating gold mines.		Additions to property, plant and equipment	We use sustaining capital to understand the ongoing capital cost required to maintain operations at current levels, and growth capital to understand the cost to develop new operations or related to major projects at existing operations where these projects will materially increase production from current levels.	
Growth capital	Defined as capital expenditures for new operations, major growth projects or enhancement capital for significant infrastructure improvements at existing operations.				
Average realized gold price per ounce sold	Defined as revenue from gold sales adding back treatment charges, refining charges, penalties and other costs that are deducted from proceeds from gold concentrate sales, divided by gold ounces sold in the period.
 
The definition of average realized gold price per ounce sold changed in Q1 2022 to add back to revenue certain costs that are deducted from proceeds from gold concentrate sales. These include treatment charges, refining charges, penalties and other costs. In prior periods these costs reduced average realized gold price per ounce sold. As these costs are included in cash operating costs (defined above), this adjustment to average realized gold price per ounce sold will result in greater comparability between metrics. Average realized gold price per ounce sold for 2021 and earlier periods has been adjusted to conform with presentation in subsequent periods.		Revenue	We use this measure to better understand the price realized in each reporting period for gold sales.	
Adjusted net earnings (loss)	Defined as net earnings or loss from continuing operations attributable to shareholders of the Company excluding the effects (net of tax) of significant items that do not reflect our underlying operating performance. These may include: impairments or reversals of impairments; write-downs of assets; losses or gains on foreign exchange translation of deferred tax balances; gains or losses on deferred tax due to changes in tax rates; gains or losses on embedded derivatives; costs associated with mine closures; costs associated with debt refinancing or redemptions; gains or losses on disposals of assets; and other non-recurring expenses or recoveries.		Net earnings (loss) from continuing operations attributable to shareholders of the Company	Adjusted net earnings and adjusted net earnings per share are used by management to measure the underlying operating performance of the Company. We believe these measures assist analysts and investors in assessing our operating performance.	
Adjusted net earnings (loss) per share	This ratio is calculated by dividing adjusted net earnings or loss from continuing operations by the weighted average number of shares outstanding.				
Earnings before interest, taxes, depreciation and amortization (EBITDA) and adjusted EBITDA	EBITDA from continuing operations represents net earnings or loss for the period before income tax expense or recovery, depreciation and amortization, interest income and finance costs. Adjusted EBITDA removes the effects of items that do not reflect our underlying operating performance and are not necessarily indicative of future operating results. These may include: share based payments expense; write-downs of assets; gains or losses on disposals of assets; impairments or reversals of impairments; costs associated with mine closures; and other non-cash or non-recurring expenses or recoveries.		Earnings or loss from continuing operations before income tax	We believe EBITDA and adjusted EBITDA are widely used by investors and analysts as useful indicators of our operating performance, our ability to invest in capital expenditures, our ability to incur and service debt and also as a valuation metric.	
Free cash flow	Defined as net cash generated from (used in) operating activities of continuing operations, less net cash used in investing activities of continuing operations before increases or decreases in cash from the following items that are not considered representative of our ability to generate cash: term deposits, restricted cash, cash used for acquisitions or disposals of mineral properties, marketable securities and non-recurring asset sales.		Net cash generated from (used in) operating activities of continuing operations	We believe free cash flow is a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash.	
Working capital	Defined as current assets less current liabilities. Working capital does not include assets held for sale and liabilities associated with assets held for sale.		Current assets, current liabilities	We believe that working capital is a useful indicator of our liquidity.	
Cash flow from operating activities before changes in working capital	Defined as net cash generated from or used in operating activities of continuing operations before changes in non-cash working capital. Excludes the period to period movements of accounts and other receivables, inventories and accounts payable and accrued liabilities.		Net cash generated from (used in) operating activities of continuing operations	We believe that cash flow from operating activities before changes in working capital assists analysts, investors and other stakeholders in assessing our ability to generate cash from our operations before temporary working capital changes.	

									
		24	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Cash Operating Costs, Cash Operating Costs per Ounce Sold
Our reconciliation of cash operating costs and cash operating costs per ounce sold to production costs, the most directly comparable IFRS measure, is presented below.

  	Q1 2022	Q1 2021	
Production costs (1)	$104.6 		$108.6 		
Stratoni production costs (2)	— 		(15.3)		
Production costs – excluding Stratoni	104.6 		93.3 		
By-product credits	(15.6)		(15.2)		
Royalty expense	(10.1)		(5.2)		
Cash operating costs	$78.9 		$72.9 		
Gold ounces sold	94,472 		113,594 		
Cash operating cost per ounce sold	$835 		$641 		
(1)Includes inventory write-downs.
(2)Base metals production, presented for Q1 2021. Operations at Stratoni were suspended at the end of 2021.

For the three months ended March 31, 2022:

	Direct mining costs		By-product credits		Refining and selling costs		Inventory change (1)		Cash operating costs		Gold oz sold		Cash operating cost/oz sold	
Kisladag	$21.2 			($0.7)			$0.6 			$4.6 			$25.7 			29,778 			$861 		
Lamaque	26.5 			(0.3)			0.1 			(0.1)			26.1 			34,125 			763 		
Efemcukuru	12.5 			— 			1.5 			(0.2)			13.9 			21,382 			648 		
Olympias	25.9 			(14.5)			3.5 			(1.7)			13.3 			9,187 			1,449 		
Total consolidated	$86.2 			($15.6)			$5.6 			$2.6 			$78.9 			94,472 			$835 		
(1)Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.

For the three months ended March 31, 2021:

	Direct mining costs		By-product credits		Refining and selling costs		Inventory change (1)		Cash operating costs		Gold oz sold		Cash operating cost/oz sold	
Kisladag	$23.4 			($0.8)			$0.1 			$0.6 			$23.4 			47,507 			$492 		
Lamaque	23.2 			(0.4)			0.1 			(0.8)			22.1 			29,078 			759 		
Efemcukuru	12.1 			(1.1)			1.2 			0.4 			12.7 			24,130 			525 		
Olympias	22.7 			(12.9)			3.6 			1.4 			14.7 			12,879 			1,145 		
Total consolidated	$81.4 			($15.2)			$5.0 			$1.7 			$72.9 			113,594 			$641 		
(1)Inventory change adjustments result from timing differences between when inventory is produced and when it is sold.

		25	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Total Cash Costs, Total Cash Costs per Ounce Sold
Our reconciliation of total cash costs and total cash costs per ounce sold to cash operating costs is presented below. The reconciliation of cash operating costs to production costs, the most directly comparable IFRS measure, is presented above.

  	Q1 2022	Q1 2021	
Cash operating costs	$78.9 		$72.9 		
Royalties	10.1 		5.2 		
Total cash costs	$88.9 		$78.0 		
Gold ounces sold	94,472 		113,594 		
Total cash costs per ounce sold	$941 		$687 		

All-in Sustaining Costs, All-in Sustaining Costs per Ounce Sold
Our reconciliation of AISC and AISC per ounce sold to total cash costs is presented below. The reconciliations of total cash costs to cash operating costs and cash operating costs to production costs, the most directly comparable IFRS measure, are presented above.

  	Q1 2022	Q1 2021	
Total cash costs	$88.9 		$78.0 		
Corporate and allocated G&A	11.5 		9.6 		
Exploration and evaluation costs	0.7 		2.6 		
Reclamation costs and amortization	1.7 		1.4 		
Sustaining capital expenditure	24.5 		20.5 		
AISC	$127.3 		$112.0 		
Gold ounces sold	94,472 		113,594 		
AISC per ounce sold	$1,347 		$986 		

									
		26	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Reconciliations of adjustments within AISC to the most directly comparable IFRS measures are presented below.
Reconciliation of general and administrative expenses included in All-in Sustaining Costs:

  	Q1 2022	Q1 2021	
General and administrative expenses (from consolidated statement of operations)	$8.3 		$10.1 		
Add:			
Share-based payments expense	3.7 		1.8 		
Employee benefit plan expense from corporate and operating gold mines	1.8 		0.7 		
Less:			
General and administrative expenses related to non-gold mines and in-country offices	(0.2)		(0.2)		
Depreciation in G&A	(0.6)		(0.6)		
Business development	(0.5)		(1.7)		
Development projects	(1.1)		(0.7)		
Adjusted corporate general and administrative expenses	$11.3 		$9.5 		
Regional general and administrative costs allocated to gold mines	0.2 		0.1 		
Corporate and allocated general and administrative expenses per AISC	$11.5 		$9.6 		

Reconciliation of exploration costs included in All-in Sustaining Costs:

  	Q1 2022	Q1 2021	
Exploration and evaluation expense (from consolidated statement of operations)(1)	$5.9 		$4.0 		
Add:			
Capitalized exploration cost related to operating gold mines	0.7 		1.7 		
Less:			
Exploration and evaluation expenses related to non-gold mines and other sites	(5.9)		(3.2)		
Exploration costs per AISC	$0.7 		$2.6 		
(1)The Brazil segment is presented as a discontinued operation in 2021. See Note 17 of our condensed consolidated interim financial statements. Amounts presented are from continuing operations only.

Reconciliation of reclamation costs and amortization included in All-in Sustaining Costs:

  	Q1 2022	Q1 2021	
Asset retirement obligation accretion (from notes to the consolidated financial statements)	$0.6 		$0.4 		
Add:			
Depreciation related to asset retirement obligation assets	1.2 		1.1 		
Less:			
Asset retirement obligation accretion related to non-gold mines and other sites	(0.1)		(0.1)		
Reclamation costs and amortization per AISC	$1.7 		$1.4 		

		27	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Our reconciliation by asset of AISC and AISC per ounce sold to cash operating costs is presented below.
For the three months ended March 31, 2022:

	Cash operating costs	Royalties	Total cash costs	Corporate & allocated G&A	Exploration costs	Reclamation costs and amortization	Sustaining capex	Total
AISC	Gold oz sold	Total
AISC/
oz sold	
Kisladag	$25.7 		$3.7 		$29.3 		$— 		$— 		$0.4 		$2.5 		$32.3 		29,778 		$1,084 		
Lamaque	26.1 		0.8 		26.9 		— 		0.3 		0.1 		13.0 		40.3 		34,125 		1,182 		
Efemcukuru	13.9 		3.1 		16.9 		0.2 		0.1 		0.6 		3.5 		21.4 		21,382 		999 		
Olympias	13.3 		2.5 		15.8 		— 		0.2 		0.4 		5.6 		22.0 		9,187 		2,399 		
Corporate (1)	— 		— 		— 		11.3 		— 		— 		— 		11.3 		— 		120 		
Total consolidated	$78.9 		$10.1 		$88.9 		$11.5 		$0.7 		$1.7 		$24.5 		$127.3 		94,472 		$1,347 		
(1)Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold.

For the three months ended March 31, 2021:

	Cash operating costs	Royalties	Total cash costs	Corporate & allocated G&A	Exploration costs	Reclamation costs and amortization	Sustaining capex	Total
AISC	Gold oz sold	Total
AISC/
oz sold	
Kisladag	$23.4 		$2.1 		$25.5 		$— 		$— 		$0.5 		$2.8 		$28.8 		47,507 		$607 		
Lamaque	22.1 		0.5 		22.6 		— 		1.7 		0.2 		9.3 		33.8 		29,078 		1,162 		
Efemcukuru	12.7 		0.8 		13.5 		— 		0.4 		0.2 		2.6 		16.7 		24,130 		693 		
Olympias	14.7 		1.7 		16.4 		— 		0.4 		0.5 		5.8 		23.2 		12,879 		1,799 		
Corporate (1)	— 		— 		— 		9.5 		— 		— 		— 		9.5 		— 		84 		
Total consolidated	$72.9 		$5.2 		$78.0 		$9.6 		$2.6 		$1.4 		$20.5 		$112.0 		113,594 		$986 		
(1)Excludes general and administrative expenses related to business development activities and projects. Includes share based payments expense and defined benefit pension plan expense. AISC per ounce sold has been calculated using total consolidated gold ounces sold.

									
		28	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Sustaining and Growth Capital
Our reconciliation of growth capital and sustaining capital expenditure at operating gold mines to additions to property, plant and equipment, the most directly comparable IFRS measure, is presented below.

  	Q1 2022	Q1 2021	
Additions to property, plant and equipment (1)
(from segment note in the consolidated financial statements)	$	60.77 		$	59.41 		
Growth and development project capital expenditure (1)	$	(31.95)		$	(34.78)		
Capitalized evaluation expenditure	$	(4.25)		$	(1.85)		
Sustaining capital expenditure Stratoni (2)	$	— 		$	(1.54)		
Sustaining capital expenditure equipment leases (3)	$	0.03 		$	(0.74)		
Corporate Leases	$	(0.07)		$	(0.02)		

Sustaining capital expenditure at operating gold mines	$	24.53 		$	20.48 		
(1)The Brazil segment is presented as a discontinued operation in 2021. See Note 17 of our condensed consolidated interim financial statements. Amounts presented are from continuing operations only.
(2)Base metals production, presented for Q1 2021. Operations at Stratoni were suspended at the end of 2021.
(3)Sustaining lease principal and interest payments, net of non-cash lease additions.

Average Realized Gold Price per Ounce Sold
Our reconciliation of average realized gold price per ounce sold to revenue, the most directly comparable IFRS measure, is presented below.
For the three months ended March 31, 2022:

	Revenue	Concentrate deductions (1)	Less non-gold revenue	Gold revenue	Gold oz sold	Average realized gold price per ounce sold	
Kisladag	$56.6 		$— 		($0.7)		$55.9 		29,778 		$1,876 		
Lamaque	64.9 		— 		(0.3)		64.6 		34,125 		1,893 		
Efemcukuru	41.3 		0.9 		(0.9)		41.3 		21,382 		1,931 		
Olympias	31.2 		1.8 		(16.2)		16.7 		9,187 		1,817 		
Stratoni	0.6 		— 		(0.6)		— 		N/A	N/A	
Total consolidated	$194.7 		$2.6 		($18.9)		$178.4 		94,472 		$1,889 		
(1)Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.

For the three months ended March 31, 2021:

	Revenue	Concentrate deductions (1)	Less non-gold revenue	Gold Revenue	Gold oz sold	Average realized gold price per ounce sold	
Kisladag	$85.7 		$— 		($0.8)		$85.0 		47,506 		$1,788 		
Lamaque	52.0 		— 		(0.4)		51.6 		29,078 		1,774 		
Efemcukuru	39.8 		1.1 		(1.1)		39.8 		24,130 		1,651 		
Olympias	33.4 		— 		(12.9)		20.4 		12,879 		1,586 		
Stratoni	13.7 		— 		(13.7)		— 		N/A	N/A	
Total consolidated	$224.6 		$1.1 		($28.9)		$196.8 		113,593 		$1,732 		
(1)Treatment charges, refining charges, penalties and other costs deducted from proceeds from gold concentrate sales.

		29	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Adjusted Net Earnings (Loss), Adjusted Net Earnings (Loss) per Share
Our reconciliation of adjusted net earnings (loss) and adjusted net earnings (loss) per share to net earnings (loss) from continuing operations attributable to shareholders of the Company, the most directly comparable IFRS measure, is presented below.

Continuing Operations (1)	Q1 2022	Q1 2021	
Net (loss) earnings attributable to shareholders of the Company (2)	($316.8)		$14.3 		
Impairment of property, plant and equipment, net of tax (3)	278.0 		— 		
Loss on foreign exchange translation of deferred tax balances	12.4 		10.2 		
	
(Gain) loss on redemption option derivative	(7.0)		0.7 		
	
Gain on deferred tax due to changes in tax rates (4)	(1.0)		— 		
Write-down of assets, net of tax (5)	15.4 		— 		
Total adjusted net (loss) earnings	($19.0)		$25.2 		
Weighted average shares outstanding	182,362 		174,534 		
Adjusted net (loss) earnings per share ($/share)	($0.10)		$0.14 		
(1)The Brazil segment is presented as a discontinued operation in 2021. See Note 17 of our condensed consolidated interim financial statements. Amounts presented are from continuing operations only.
(2)Q1 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation.
(3)Impairment of Certej project in Q1 2022, attributable to shareholders of the Company and net of tax.
(4)Deferred tax recovery relating to the adjustment of opening balances for the tax rate decrease in Turkey. The tax rate change was enacted in Q1 2022.
(5)Non-recurring asset write-downs in Q1 2022 include decommissioned equipment at Kisladag as a result of installation and commissioning of the HPGR.

EBITDA, Adjusted EBITDA
Our reconciliation of EBITDA and adjusted EBITDA to earnings (loss) from continuing operations before income tax, the most directly comparable IFRS measure, is presented below.

Continuing Operations (2)	Q1 2022	Q1 2021	
Earnings (loss) before income tax (1,2)	($379.1)		$43.1 		
Depreciation and amortization (1,2,3)	51.2 		53.1 		
Interest income	(0.5)		(0.3)		
Finance costs (2)	2.2 		10.3 		
EBITDA	($326.2)		$106.2 		
	
Impairment of property, plant and equipment (4)	365.4 		— 		
Other write-down of assets (5)	19.8 		— 		
Share-based payments expense	3.7 		1.8 		
(Gain) loss on disposal of assets (2)	(0.6)		0.3 		
	
Adjusted EBITDA	$62.1 		$108.3 		
(1)Q1 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation.
(2)The Brazil segment is presented as a discontinued operation in 2021. See Note 17 of our condensed consolidated interim financial statements. Amounts presented are from continuing operations only.
(3)Includes depreciation within general and administrative expenses.
(4)Impairment of Certej project in Q1 2022.
(5)Non-recurring asset write-downs in Q1 2022 include decommissioned equipment at Kisladag as a result of installation and commissioning of the HPGR.

		30	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Free Cash Flow
Our reconciliation of free cash flow to net cash generated from (used in) operating activities from continuing operations, the most directly comparable IFRS measure, is presented below.

Continuing Operations (2)	Q1 2022	Q1 2021	
Net cash generated from operating activities (1,2)	$35.2 		$99.1 		
Less: Cash used in investing activities (2)	(122.1)		(9.7)		
Add back: Increase (decrease) in term deposits	60.0 		(56.1)		
Add back: Increase (decrease) in restricted cash	— 		0.1 		
Free cash flow	($26.8)		$33.4 		
(1)Q1 2021 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as a financing, rather than an operating activity.
(2)The Brazil segment is presented as a discontinued operation in 2021. See Note 17 of our condensed consolidated interim financial statements. Amounts presented are from continuing operations only.

Working Capital
Our reconciliation of working capital to current assets and current liabilities, the most directly comparable IFRS measures, is presented below.

	As at March 31, 2022	As at December 31, 2021	
Current assets	$681.4 		$728.2 		
Less: Current liabilities	188.1 		206.7 		
Working capital	$493.3 		$521.6 		

Cash Flow from Operating Activities before Changes in Working Capital
Our reconciliation of cash flow from operating activities before changes in working capital to net cash generated from (used in) operating activities from continuing operations, the most directly comparable IFRS measure, is presented below.

Continuing operations (2)	Q1 2022	Q1 2021	
Net cash generated from (used in) operating activities (1,2)	$35.2 		$99.1 		
Less: Changes in non-cash working capital (3)	(14.5)		18.0 		
Cash flow from operating activities before changes in working capital	$49.7 		$81.2 		
(1)Q1 2021 amounts have been restated for a voluntary change in accounting policy to classify cash paid for interest on the statement of cash flows as a financing, rather than an operating activity.
(2)The Brazil segment is presented as a discontinued operation in 2021. See Note 17 of our condensed consolidated interim financial statements. Amounts presented are from continuing operations only.
(3)Q1 2021 amounts have been recast to correct an immaterial error related to an understatement of the net book value of certain of our property, plant and equipment as a result of errors in the amounts recorded for depreciation.

									
		31	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2020 and 2019			
Managing Risk
In the exploration, development and mining of mineral deposits, we are subject to various, significant risks. Several of these financial and operational risks could have a significant impact on our cash flows and profitability. The most significant risks and uncertainties we face include: political, economic and other risks specific to the foreign jurisdictions where we operate; pandemics, epidemics, and public health crises such as COVID-19; the inherent risk associated with project development including for the Skouries project; our ability to maintain community relations and social license; liquidity and financing risk; natural phenomena including climate change and related health and social effects; inflation risks; environmental risks; production and processing risks; risks related to tailings storage facilities and waste disposal; risks related to global economic conditions; our ability to sell to a limited number of smelters and off-takers; risks related to the Russia-Ukraine conflict; risks related to labour relations and our relationship with our workforce; our ability to service and repay our debt; new or amended government regulation; commodity price risk; the risk associated with mineral tenure and permitting processes; environmental, sustainability, and governance practices and performance; risks related to financial reporting and estimation of carrying value of our assets, effects of actions of non-governmental organizations; our compliance with corruption and anti-bribery laws and sanctions; risks related to information and operation technology systems; results of future legal proceedings and contract settlements; the uncertainty of the mineral resources and their development into mineral reserves; credit risk of our counterparties not meeting their financial obligations; share price volatility; actions of activist shareholders; reliance on infrastructure, commodities, and consumables and currency risk. These risks are not the only risks and uncertainties that we face. Risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition, results of operations and prospects.
For a comprehensive discussion on risks and uncertainties, in respect of our business and share price, refer to the section 'Risk Factors in Our Business' in our current AIF for the year ended December 31, 2021, which risks are incorporated by reference in this MD&A.
Significant changes to our financial, operational and business risk exposure during the three months ended March 31, 2022 include the following:
•Our business operations use a significant amount of commodities, consumables and other materials. Prices for electricity, fuel, and other materials, commodities and consumables required for our operations have experienced substantial recent increases amid supply concerns caused by, among other things, financial and trade sanctions against Russia. These cost increases may be prolonged and have a material adverse effect on our business, financial condition and results of operations.
•Changes in cost or construction schedules can significantly increase both the time and capital required to build our projects, including in respect to the expected cost and construction schedule for the Skouries project. The project remains subject to financing and Board approval. Substantial recent price increases experienced for electricity, fuel and other materials, commodities and consumables may be prolonged and result in increased capital costs for the construction of Skouries, as well as our ability to obtain financing on acceptable terms.
•We manage credit risk by entering into business arrangements with high credit-quality counterparties, limiting the amount of exposure to each counterparty and monitoring the financial condition of counterparties. We also monitor the credit ratings of all financial institutions in which we hold cash and investments. At March 31, 2022, term deposits of $60 million are held in a Turkish banking institution with lower credit ratings as compared to other financial institutions at which we hold cash and investments. This, combined with recent downgrades in Turkey’s sovereign credit rating, exposes us to greater credit risk.
There were no other significant changes to our financial, operational and business risk exposure during the three months ended March 31, 2022.
These are not the only risks that could have an effect on our business, results of operations, financial condition and share price and other risks may become more material to us in the future or the above risks could diminish in importance, depending on the current circumstances of our business and operations.

		32	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
The reader should carefully review each of the risk factors set out in our most recently filed AIF, in respect of the year ended December 31, 2021 which risk factors provide a detailed discussion of the foregoing risks as well as a detailed discussion of other relevant risks.

									
		33	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Other Information and Advisories
Changes in Internal Controls over Financial Reporting
Management, including the CEO and CFO, is responsible for establishing and maintaining adequate internal control over financial reporting. We believe that any system of internal control over financial reporting, no matter how well conceived and operated, has inherent limitations. As a result, even those systems deemed to be effective can provide only reasonable, not absolute, assurance that the objectives of the control system are met. There have been no changes in our internal controls over financial reporting during the three months ended March 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Critical Accounting Estimates and Judgements
The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
For further information on our significant judgements and accounting estimates, refer to note 4 of our audited annual consolidated financial statements for the years ended December 31, 2021 and 2020. There have been no subsequent material changes to these significant judgements and accounting estimates.
Changes in Accounting Policies
The accounting policies applied in our unaudited condensed consolidated interim financial statements for the three months ended March 31, 2022 are the same as those applied in the audited consolidated financial statements for the years ended December 31, 2021 and 2020 .
A number of new standards and amendments to standards are effective for annual periods beginning on or after January 1, 2022 and earlier application is permitted; however, we have not early adopted and continue to evaluate the impact of the forthcoming or amended standards in preparing our condensed consolidated interim financial statements.
Qualified Person
Except as otherwise noted, Simon Hille, FAusIMM, Vice President, Technical Services, is the Qualified Person under NI 43-101 responsible for preparing and supervising the preparation of the scientific or technical information contained in this MD&A and verifying the technical data disclosed in this document relating to our operating mines and development projects. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves.
Forward-looking Statements and Information
Certain of the statements made and information provided in this MD&A are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipates”, “believes”, “budget”, “continue”, “estimates”, “expects”, “forecasts”, "foresee", "future", "goal", “guidance”, “intends”, "opportunity", "outlook", “plans”, “potential”, "strive", "target" or “underway” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “can”, “could”, "likely", "may",“might”, “will” or "would" be taken, occur or be achieved.

		34	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Forward-looking statements or information contained in this MD&A include, but are not limited to, statements or information with respect to: the duration, extent and other implications of production challenges and cost increases, including those in respect of COVID-19 and restrictions and suspensions with respect to the Company's operations; the Company’s 2022 annual guidance, including our individual mine production; the timing of resource conversion drilling; the optimization and development of Greek operations including benefits and risks thereof and of the Amended Investment Agreement related thereto; government approvals; plans to sell the Certej project; flow-through financings and the use of proceeds therefrom; changes in internal controls over financial reporting; critical accounting estimates and judgements; changes in accounting policies; our expectation as to our future financial and operating performance; expected metallurgical recoveries and improved concentrate grade and quality; non-IFRS financial measures and ratios; risk factors affecting our business; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting, financing and operating potential plans and priorities and related timelines. Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
We have made certain assumptions about the forward-looking statements and information, including assumptions about: our preliminary gold production and our guidance, benefits of the completion of the decline at Lamaque, the improvements at Kisladag and the optimization of Greek operations; tax expenses in Turkey; how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; timing, cost and results of our construction and exploration; the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; mineral reserves and resources; and the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In addition, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this MD&A.
Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.

		35	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: inability to meet production guidance; inability to achieve the expected benefits of the completion of the decline at Lamaque, the improvements at Kisladag and the optimization of Greek operations; inability to assess income tax expenses in Turkey; risks relating to the ongoing COVID-19 pandemic and any future pandemic, epidemic, endemic or similar public health threats; risks relating to our operations being located in foreign jurisdictions; community relations and social license; climate change; liquidity and financing risks; development risks; indebtedness, including current and future operating restrictions, implications of a change of control, ability to meet debt service obligations, the implications of defaulting on obligations and change in credit ratings; environmental matters; waste disposal; the global economic environment; government regulation; reliance on a limited number of smelters and off-takers; commodity price risk; mineral tenure; permits; risks relating to environmental sustainability and governance practices and performance; non-governmental organizations; corruption, bribery and sanctions; litigation and contracts; information technology systems; estimation of mineral reserves and mineral resources; production and processing estimates; credit risk; actions of activist shareholders; price volatility, volume fluctuations and dilution risk in respect of our shares; reliance on infrastructure, commodities and consumables; currency risk; inflation risk; interest rate risk; tax matters; dividends; financial reporting, including relating to the carrying value of our assets and changes in reporting standards; labour, including relating to employee/union relations, employee misconduct, key personnel, skilled workforce, expatriates and contractors; reclamation and long-term obligations; regulated substances; necessary equipment; co-ownership of our properties; acquisitions, including integration risks, and dispositions; the unavailability of insurance; conflicts of interest; compliance with privacy legislation; reputational issues; competition, as well as those risk factors discussed in the sections titled “Forward-looking information and risks” and “Risk factors in our business” in our most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form & Form 40-F filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this MD&A, for a fuller understanding of the risks and uncertainties that affect our business and operations.
The inclusion of forward-looking statements and information is designed to help you understand management’s current views of our near- and longer-term prospects, and it may not be appropriate for other purposes.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada and the U.S.
Mineral Reserves and Mineral Resources Estimates and Related Cautionary Note to U.S. Investors
The Company's mineral reserve and mineral resource estimates for Kisladag, Lamaque, Efemcukuru, Olympias, Perama Hill, Perama South, Skouries, Stratoni, Piavitsa, Sapes, Certej and Ormaque, are based on the definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum, and in compliance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the SEC that are applicable to domestic U.S. companies. The reader may not be able to compare the mineral reserve and mineral resources information in this MD&A with similar information made public by domestic U.S. companies. The reader should not assume that:
•the mineral reserves defined in this MD&A qualify as reserves under SEC standards;
•the measured and indicated mineral resources in this MD&A will ever be converted to reserves; and
•the inferred mineral resources in this MD&A are economically mineable, or will ever be upgraded to a higher category.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.

		36	

									
MANAGEMENT’S DISCUSSION and ANALYSIS
For the three months ended March 31, 2022			
Corporate Information
Directors

George Albino 2, 3, 5	Independent Director		Pamela Gibson 1, 3, 4	Independent Director	
Carissa Browning 3, 4	Independent Director		Judith Mosely 1, 4	Independent Director	
George Burns    	President and Chief Executive Officer		Steven Reid 2, 5	Chair of the Board	
Teresa Conway 1, 2	Independent Director		John Webster 1, 3    	Independent Director	
Catharine Farrow 2, 5	Independent Director				

Board Committees
1.Audit Committee
2.Compensation Committee
3.Corporate Governance & Nominating Committee
4.Sustainability Committee
5.Technical Committee

Officers and Management

George Burns	President and Chief Executive Officer	
Philip Yee	Executive VP and Chief Financial Officer    	
Joe Dick	Executive VP and Chief Operating Officer	
Jason Cho	Executive VP and Chief Strategy Officer	
Lisa Ower	Executive VP, People and External Affairs	
Paul Ferneyhough	Senior VP, Chief Growth and Integration Officer	
Brock Gill	Senior VP, Projects and Transformation	
Christos Balaskas	VP and General Manager, Greece	
Sylvain Lehoux	VP and General Manager, Québec	
Nicolae Stanca	VP and General Manager, Romania	
Mehmet Yilmaz	VP and General Manager, Turkey	
Cara Allaway	VP, Finance	
Simon Hille	VP, Technical Services	
Peter Lewis	VP, Exploration	
Graham Morrison	VP, Corporate Development	
Lisa Wilkinson	VP, Investor Relations	

Corporate Head Office	Investor Relations	
1188 Bentall 5	Lisa Wilkinson, VP, Investor Relations	
550 Burrard Street	T: +1 647 271 2827	
Vancouver, BC	E: lisa.wilkinson@eldoradogold.com	
V6C 2B5 Canada		
www.eldoradogold.com		
		
Auditors	Registrar and Transfer Agent	
KPMG LLP	Computershare Trust Company of Canada	
777 Dunsmuir Street	510 Burrard Street	
Vancouver, BC	3rd Floor	
V7Y 1K3 Canada	Vancouver, British Columbia	
	V6C 3B9 Canada	

		37	

Exhibit 99.3
Form 52-109F2
Certification of Interim Filings
Full Certificate

I, George Burns, President & Chief Executive Officer of Eldorado Gold Corporation certify the following:
1.Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Eldorado Gold Corporation (the “issuer”) for the interim period ended March 31, 2022.
2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4.Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
(a)     designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
(i)    material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(ii)    information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
(b)     designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
5.1    Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013) (COSO).
5.2    ICFR - material weakness relating to design: N/A
5.3    Limitation on scope of design: N/A
6.    Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2022 and ended on March 31, 2022 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: April 28, 2022

/s/ George Burns
George Burns
President & Chief Executive Officer

Exhibit 99.4
Form 52-109F2
Certification of Interim Filings
Full Certificate

I, Philip Yee, Executive Vice President & Chief Financial Officer of Eldorado Gold Corporation certify the following:
1.Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Eldorado Gold Corporation (the “issuer”) for the interim period ended March 31, 2022.
2.No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.
3.Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.
4.Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.
5.Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings
(a)     designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that
(i)    material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and
(ii)    information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
(b)     designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.
5.1    Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013) (COSO).
5.2    ICFR - material weakness relating to design: N/A
5.3    Limitation on scope of design: N/A
6.    Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on January 1, 2022 and ended on March 31, 2022 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: April 28, 2022

/s/ Philip Yee
Philip Yee
Executive Vice President & Chief Financial Officer